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Black hat traffic cost much less to create. So while your average visitor may not be worth as much, your effort to create that visitor was much less. Profitibility is how much traffic you can generate with X amount of work.
As to adwords - you need to purchase targeted terms in a niche you fufill. "Smoking shemale midgets giving footjobs" probably converts really well and would be worth more than .10 per visitor.
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