BlackLabelAds was pretty crappy. More money just putting up adult toy/lingerie affiliate ads from Amazon, CJ, etc.
IMO, if someone was serious about taking on Adsense, they should allow adult ads, merely rate all sites, PG, PG-13, R, etc. Like what RightMedia does (Right Media, now part of Yahoo, so maybe they'll get YPN to do it). All the networks allow adult advertisers, why not adult publishers?