Adsense can be good, if you stick to the rules. Write high-quality articles, and the ads Adsense provide will relate to those articles and be of benefit to the user.
What you musn't do is click on the ads yourself or get your friends to click on them. Google is pretty smart at working out suspicious behaviour.
Regarding the blog advertising models out there, though many people try to come up with other advertising, Adsense still rules!
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