I read an interesting discussion on the russelbeattie.com website about a method that russel and several other people are using to ensure that Ads are only displayed to people referred to the site thru a search engine. The ads will not be displayed to a user who visits the site directly (e.g. via a bookmark). This gives some favourable treatment to regular visitors while also acknowledging that they probably won't click on ads very often anyway!
An example of the code can be found at http://sastools.com/b2/ by viewing the source code of this site. The way I did it (with IE6) was to save the page to my hard disk and then to examine the asp file in the downloaded page folder.
I am considering using this code to perhaps not completely remove ads for regular visitors but instead to REDUCE the number of ads shown to them. I believe this would achieve a good balance between revenue and rewarding visitor loyalty.
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