Here's how (I think) most editors approach the advertising vs. content issue:
1) Considering the site as a whole, block out all advertising, including banners and text/affiliate links. Examine the remaining content.
2) Again considering the site as a whole, is the remaining content original or unique, or has most of the content been copied from another resource?
3) If the content is original and unique, how does it measure up to the quality of information on this topic? Does it add something unique and different to the category? Can the remaining content stand on its own as a listable website in the given category?
Try this exercise on your own, and be as objective as possible. If you mentally block out all the Adsense stuff, what's left?