Woah, that is freaky. I wonder if Panda is also a way for google to reduce their affiliate payments.
There are many alternatives to adsense including Chitika, Kontera, Text Link Ads, Ad Brite, Viral Ad Network, and many more.
Developing a monetization plan that goes beyond just ad clicks is also a good idea. Smaller sites/blogs can not survive with just ad income. Only if you're site/blog is HUGE do you have the luxury of selling ad space to buyers but this also has a downside.
I've been approached by ad buyers 3 times now but I like my current monetization mix because it doesn't put all my eggs in one basket.
Have you tried clickbank? This is an amazing source of revenue. If you're good at pre-selling, many clickbank products with high gravity ratings have a conversion rate of 50%! That is way higher than amazon, cj, and other programs I use.
Here is an example of two articles that convert at 50% for me. The really interesting thing is this is not my main audience but if it was I would be raking in some serious income with this product alone.
300 workout Spartacus Workout