It's going down the tubes. For me, on the same traffic, I am currently running about 25% (down 75%) of last year which was 50% of the year before. Or currently about 5% of the first half of 2008. I could almost quite Adsense altogether and try to tell myself I'm secretly donating to charity or something. And then my website would be much better for users without all the ads, delays and tracking crap.
Fewer advertisers are spending less and people know the ads better and click less. And in my case, every time Google makes layout changes (that we can't opt out of), all the stats drop further. I don't know who benefited from the changes but it's like they kept making it worse for my sites.
The end of the road is near for the old Adsense for me.
Compared with last January and early February, I'm down about 20% revenue wise. A vast majority of my revenue comes from 3rd party cpm adverts, and the pool of 3rd party advertisers has dropped off a lot since this time last year.
I'm giving higher impressions, more clicks, higher clickthrough %, but it all has translated to a much lower CPC and overall lower eCPM. In other words, I was making more money last year at this time with less clicks and pageviews.
I'm sure there are more and more publishers in the Adsense program so it's inevitable we're competing for smaller and smaller slices of the pie.
My income's well down from a year ago, largely because of Panda but also because of steadily declining CTR, which will probably be an on-going fact of life.
Still, Adsense pays all my bills, has netted me nearly half a million dollars over the past few years, and remains unrivalled, for me, among non-direct advertizing programs. I just strive to provide the best information service I can and hope that persistence and quality will do the trick. I don't think of Adsense as owing me anything (other than following the rules that bind us) and I'd drop it tomorrow, just as it would drop me, if that was the best option.
Less (although, if you are on the AS treadmill, more or level as you produce more pages/sites).
Adsense CTR is on a consistent decline on established sites (although EPC has generally risen).
Other methods of monetization are not.
I would presume reasons might be ad blindness and over-exposure; general economic conditions on consumer and supplier sides leading to poorer ad stock and less inclination to click what is left; and more knowledge of how to use Adwords in general (in other words, don't touch the display network).
For me it all good. EPC is down a little, CTR is down a little but increased traffic has more than made up for it. January was my best month ever - about 20% higher earnings than my best previous month.
Google slashed my CTR 6th May 2011 and now my earnings are 50% of a year ago however my EPC seems to be holding ok. Compared to just a few years ago it is about 10%.
Interestingly I was recently in a meeting with my local tax office and they were querying my AdSense earnings and when they saw what had happened they were not particularly shocked and remarked they had seen "many others" with similar drops and they actually asked me why I thought that may be and how it was Google kept showing record profits?
I'll not tell you my answer!
Anyway, AdSense is staying for the moment since, honestly, I have no global alternative, other than launching my own trade widget specific ad system, and trying to fit that in with everything else right now is a nightmare.
Four or five years ago I only had one money site, and it's still way up. I've been budgeting 12-18 mos to get additional sites to the traffic/earning levels of the first one, and so far I'm a little ahead of the game on all but one.
Revenue is up every year. Traffic is up every year. I've worked hard to identify other ad networks and advertisers that can fill holes where AdSense does not perform as well. The plan might not work well for others unless they've got enough traffic to be able to run appropriate testing -- and are willing to risk the "lost" ad impressions/revenue from unsuccessful tests.