Ads would be fine, text-only please, to the side of posts would be OK but within or between posts would be annoying.
If the ads are carefully selected, for products and services vetted by Brett/senior membership they might be genuinely useful. I agree that transparency in the selection process would be good.
I would suggest that there be a forum for the discussion of advertising on the site, where members could post feedback on the products and services advertised, the ad format etc. That might enhance the effectiveness of good ads, as they would get good feedback which would probably improve conversion rate. Likewise any bad ads that slip through the vetting process would be quickly exposed.