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To throw my two cents in here... As already mentioned, your site, your rules however...
What if his banner farm was generating legitimate traffic via Google or other search engines, lets not forget it wasn't that long ago that sex.com was nothing but a huge banner farm and raking in thousands of dollars a day.
What if his code appeared on a page of nothing but text articles, would that traffic be worthless?
I can see both sides, just saying that not all traffic is bad traffic, some tube sites have awesome traffic, some have bad, same with TGPs, link dumps, etc, etc...
So long as the traffic is legit and you aren't getting complaints from YOUR advertisers, who cares where it comes from as long as its not fake?
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