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I've done the whole making sites day after day - blogs / gallery sites / fake tgp/mgp etc.. They make money but it's one hell of a pain in the butt to maintain.
Personally I've gone back to having a handful of sites I maintain on a daily basis. I still create the odd site here and there to promote a single sponsor / whatever. However I prefer to have sites that aren't bursting at the seams with ads and popup/under/im ads/bg links/etc...
If it pisses you off to deal with on a website - then odds are it will SHIT the surfer to tears.
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