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We run a busy UK ppc site. The banners and buttons hardly get clicked compared to the text links. If someone wants a banner I now put them off because I know they will be disappointed. However, a good text link will generate massive click throughs. The one area they may work well is in a subliminal role. Visitors seem to scan the text links, but if a clients text link is supported by a banner somewhere else on the page, this may make the text link become more clickable. This is just a hunch, the bottom line is that banners are not clicked in any numbers.