If we can somehow make sure that we only get suitable ads. I.e no adult material, preferrably game related, etc, I think this could be a good idea.
I would suggest having a discussion (like this one:) first though, and perhaps have it as a topic for an open IRC meeting as well.
If there aren't any strong objections from the community, I think ads might be a good way to pay for some of the costs. (web page, development server, etc)
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