Well some webmasters truly know what they are doing and some are having great success. It really depends on two factors.
The first factor is that you are targeting very high traffic pages on your site. Check out your logs and see which pages are bringing in the most people and concentrate on those.
The second factor is putting adsense on pages that don't make you any money in the first place. Say for example a resources page in which you are just suggesting different resources for people to explore further.
If you work those two factors effectively you can generate a little income off of a high traffic site. Many people using sites that are purely informational find adsense to be a great way to monetize their site.
Now with so many people trying to profit from google adsense, where does it go now?
A nice little feature of Adsense is the ability of webmasters to filter out from anywhere up to 200 sites. What this does is it gives the webmaster the ability to basically screen what sites are shown on theirs. This can be effective when trying to block out your competition or just low value sites.
However the future of Adsense could be hazy. I only say this because of everyone really trying to abuse the system. Its possible Google will change around their system to make it more fool proof.
But for the time being Google Adsense is here and it will probably be around for a long time. If it did ever die off it would probably leave a whole lot of internet marketers looking for work.
