I've tried all of the above - complete waste of time.
With adsense you need tons of traffic to make any decent money.
With affiliate products its hard to sell the product.
Haven't made any decent money with it. I personally think both are a complete waste of time. All you are doing is making SOMEONE ELSE rich. You are selling their stuff, they pull 10-20% profit from your efforts and you get a little money from the deal. Why make someone else RICH? Make yourself rich.
What I mean by this is you want to be the person who has other people selling YOUR product. Once I realized that I didn't waste my time with adsense, affiliate blah blah blah. In fact most of my sites don't run any of that stuff at all! I now have a very successful subscription based website that has some very powerful tools on it that dominates the competition. There is nothing like this on the market. Now people sell my product and I give them 10% commission. My profit margin on the site is 95% and if its a commission sale its 85%. Talk about a good business venture to be in! I mainly achieve those margins by the fact that the cost of operating the site is VERY low. 5$/month web hosting bill and 10$/year domain name are the only fixed costs I have. All of my variable costs are in Research and Development, which of course could be cut in case of dire circumstances but i don't see that happening.
Another distinct advantage is the fact that everything can be outsourced to the best and cheapest workers. If I have a new idea for a product I want on the site I can go on odesk and hire some programmers for 2-3$/hr to build my product into a reality. If they give me a shotty product, i fire them and they don't get paid. Also, no need to worry about discrimination, sexual harassment lawsuit, equal opportunity blah blah blah. I love it!
http://www.youtube.com/watch?v=xbjkIE_CQI8