Not at all. Affiliate marketing is about sales, AdSense is about syndicating ads on sites based on the keywords in them. Two completely different models.
To much focus on PPA/PPS will eventually destroy the Internet IMHO. Nobody will make any money from advertising as a publisher, companies will never want to pay anything for any display ad. You'll have Google, shopping sites and places to buy stuff on the Internet but no money to buy anything. (If you're a publisher)