I tend to prefer the combination of AdSense and affiliate. It's not always easy to find the right affiliate program for a page, so AdSense can find the right topics for me. If the AdSense ads are producing good clicks, then it might be worth looking at what is being promoted and see if there's a good affiliate program with the site or one similar to it. So AdSense can be something of a research tool too, I suppose.
Of course, some sites it's obviously best to go with affiliate programs. I'm talking with my dad on some ideas he has for websites, and I really think his topics will do best through affiliate programs. He's really looking forward to getting started.
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