Squidoo has been pretty good to me, I'm up to over $500 / mo. from it. In regards to the ads, you can insert your own aff. links into lenses no problem. Squidoo takes all the adsense revenue and distributes half to the user base as determined by a ranking system (which is tied to traffic). There are also plug n play modules for a ton of affiliates so you don't have to apply on your own for programs. I've found it exceptionally effective as both a traffic generation tool as well as a revenue stream. Getting into the first 3 pages of google for most medium and longtail keywords takes zero effort. Getting on the front page of google is a lot easier with a squidoo page than an average blog post, I've found. I've got some squidoo related links in my sig if you guys are interested in more info.
You can make some good money flipping squidoo lenses. You can get anywhere from $25 onwards depending on the value.
Squidoo take 50% of Adsense. The other 50% goes into a pool and is split amongst lensmasters. Each lens is allocated an amount of this according to its average Squidoo LensRank for the month. So far there have been three tiers for lens monthly Adsense payouts. Last payout (which was for November) they were $6.23 per lens in the top 2000 or so, $1.06 in the top 10000 or so and $0.05 for the others (although there may be a point where lenses get zero. I'm not sure).
I have two lenses myself, but like most people that have responded to this thread, I haven't had any success with it. Not sure squidoo is even worth it, but things are different for everyone.
decided to join as a DP member so I can post a reply on this thread.. Squidoo is definitely a free tool to earn $$, you can use it for anything, of course it is a number game, the more number of lens you have, the more money you will be getting in your pocket.... I have about $50+ paid via paypal to me from Squidoo (that exclude sales for my affiliate products) ... check out my site for proof ... squidoofordummies dot com...