Not saying you're wrong, because you're not. And I'm not commenting on your beliefs, because I don't know them. I just want to state that there is a commonly held belief that all that is needed to make money is traffic. Nothing can be further from the truth. Traffic is just one consideration out of many. The truth is that certain niches with high traffic are losers in terms of making money.
...most of the Adsense Guru's have solid content, or a solid product, that brings in millions of pageviews, which in turn converts to 6-figure Adsense income.
Solid content will not make money either. I know a group of bloggers with a good following because of their solid content, mentions in the news media, extensive inbound links from other bloggers, a site that even rank #1 for "(Niche) Blog," who I know for a fact are not making significant money. The only reason I can see for them to keep the site up is ego because that site is not putting bread on the table. The core memmbers of that group have branched out and started more blogs because of the poor earnings of their main site but I can tell that those projects are failing as well. They even installed BlogAds on their main site to supplement their AdSense income. No offense to anyone, but if you want to know which niches are having trouble realizing adequate AdSense earnings, check out the list of publishers on blogads.
Quality content is not a prerequisite for earning good money on AdSense. That does not mean that low quality content is necessary. That is not what I am saying. I am saying that High Quality Content does not guarantee good earnings.
Certain niches do worse than others. Some topics do better than others. But it's more than just certain topics. You can be in the right topic but still not do as well. It's who the content is focused on, what kind of site visitor are you cultivating?
Traffic does not equal high earnings. The kind of traffic a site receives, the intention of the site visitor, where on the buy cycle they are at, all of that determines the level of earnings.
[edited by: martinibuster at 6:54 pm (utc) on Feb 11, 2011]