Can Bloggers Make Money?

An interesting article email exchange between Jason Calacanis (co-founder of Weblogs Inc.) and Alan Meckler (CEO of Jupitermedia Inc.) on the outlook of making money from weblogs. Mr. Meckler is skeptical that only a few of the top-visited sites will make significant money, while Mr. Calacanis is much more optimistic.

Your thoughts and experiences? I don't have ads here for several reasons, but I don't mind them on blogs as long as they aren't intrusive. Since I post about books, I do have the Amazon Associates set up but I'm not looking to make money that way--it's just easier to have them do the link for me since I would have a picture of the book anyway.