I did in the early days, but they eventually banned me. (still paid what they owed me, though)

I hear from a friend still doing this that adsense is pretty bad these days. More graphic ads convert better and pay more. So ad agencies like Matomy(Xtend), CPX (basically any yieldmanager platform) performs a bit better. Of course, if you can get into platforms such as Tribal fusion then you'll make a killing as they have really high paying ads.