In the past I have been a bit hard on AdSense, stating how it cannibalizes publishing, but there are some up sides to Google’s AdSense too. Many people talk about the ease of implementation, scalability, and lack of maintenance cost, but 4 more rarely talked about benefits are.
Since AdSense is a Google product you never have to worry about internal Google quality rating guidelines calling an AdSense link a sneaky redirect (like they do with CJ links).
Profit From Spam: If you have a pharmacy affiliate or payday loan site then many people will consider the site spam by default. But if you tastefully write an article about such topics and then just happen to have AdSense on the page you are not viewed as a spammer by the general web public – Google (and AdSense) are a ubiquitous part of the web.
People Under-estimate Your Earnings: Many web publishers have published AdSense sites and made nothing. Thus if they see you publishing an AdSense site they may assume that your site earns nothing, and be less likely to clone your site and more willing to link at your site than they would be if your site appeared more commercially oriented.
The Informational Bias of Organic Links: Information is generally considered more citation-worthy than pages that sell stuff. Thus if you monetize via AdSense you can get inbound links to the money making pages without having to buy links. With most commercial offers you are stuck building links to other related pages and hope that internal anchor text & domain authority lift the page’s rankings.
Long-term from a business sustainability standpoint it is nice to have direct ad revenues not controlled by Google, but AdSense can make for some nice short-term cash flow.
Source: Seobook