No problem for us. Lots of bloggers use the two tactics to compliment each other. In its FAQ, Google bars "competing ads." This would include all content-targeted ads as well as text-based ads. Text-based ads, for this situation, can be loosely defined as ads that mimic AdWords ads or appear to be associated with AdWords ads on your site. We do allow affiliate or limited-text links. For more information about our adstrip placement requirements, please read Sections 10.4-10.6 of our Terms at http://web.blogads.com/Documents/blogger_terms/.
