I spent a lot of time making sense of this AdSense from Google. In the end i came to the conclusion that its a great item. It is a great a way of earning free money by just being faithful to blogging. A true blogger may indeed earn lots - and I mean lots! Sufficient advertising of your blog and encouraging the visitors to click on the ads displayed on your site is a prerequisite. But for this, your blog will also have to be appealing so that visitors come again and again (unlike mine at present!). One can choose a general topic and start blogging instead of speaking about his personal life which hardly anyone across the globe would be interested to read.
It also requires a waiting period (of min 3 months, I guess) till your adsense account gets verified and approved by Google. But once its approved, you're all set to earn!!
Its hard for me though to dedicate enough time for blogging, what with Final Yr MBBS and the exams coming up in Jan. I think I chose the wrong time to get addicted to blogging! Anyways i hope i keep this blog going till my exams are over and then I'll launch myself into full-time blogging!!!!