Pete, from Joomla Beat has this excellent slideshare on the top 10 ways to monetize your website / blog. They're a summary of the most effective / good ideas to monetize a blog. If I had to make a comment, I'd have asked Pete to rate them by two things:
1. Ease of implementation
2. Return on Investment
For example, AdSense is easy to set up, however the ROI typically depends very much on the niche you are targeting, some get good CPC, whilst others have very little return.
Anyhow, here is the slideshow: 10 ways to monetize your website