I did not think it was that old to be honest.
I have only been using Adsense for about 3 years and only gave in to Adwords when Google offered free credit (I did put a small amount of my own money in.)
Not really the best for me as the keywords that got the most people to my site were the same ones they would use in the search anyway, the money I made off Adsense was not covering the cost of Adwords.