I'm revisiting a topic that's tossed around here from time to time. For simplicity's sake, let's assume you run a site that includes 100 pages, all of which contain the same Adsense units, page layout (CSS), and so forth. But your most-visited 20 pages account for 80% of your Adsense revenue (which is not atypical, I think). Now, if you remove Adsense from the remaining 80 pages, will your total revenue increase, decrease, or remain about the same (all else assumed unchanged)?
My guess is that earnings per impression would increase because (and this is also a guess about user behavior) a visitor is more likely to click on an ad while viewing the first page he/she visits than any subsequent page (all else equal). But would overall earnings increase?
What if you used a robots.txt file or tag to request that Google not index those 80 pages? Would that help, hinder, or have no effect on your overall earnings? (Assume that you have a useful internal linking structure that leads the user logically and easily around your site and to those other 80 pages.)
And if the answer to either or both questions is that your revenue would either increase or remain the same, what if you replace Adsense on those 80 pages with similarly positioned ads from another ad network, such as Adbrite? A free lunch?
I know, there are a host of factors that come into play here -- involving the Adsense bidding system, SEO, user behaviors, and so forth. Submit your analysis, and have fun.