eBay affiliate manager Sebastiaan Ambtman Benelux does not believe in Banner campaigns. Also e-mail marketing is less preferable. Search engine marketing (e.g. Adsense) and affiliate programs are cheaper and more effective.
Website: Marketingfacts
First responses: Why is Adsense using banners if is it true that banners are less effective? Advertisements in affiliate programs are in fact also a kind of banners, only text based. Is it just pricing that makes banners less effective?

Web users quickly learn, either consciously or subconsciously, to ignore everything banner shaped. It’s an old web design rule to not make impoartant information on your website banner shaped since site visitors tend to ignore the shape. Text advertising on the other hand is less dissimilar from regular site content so it’s harder to ignore. You tend to scan text advertising anyway even if you try to ignore it.