I don't mind ads that are relevant, according to the context.
I mind ads that are generated based on a profile one or more companies have built about me.
Yeah, let's see ads about RC models in a forum about RC models, or ads about Bluetooth modules in a website about microelectronics. That's fine. They will still make money, and the ads would still be somehow targeted.
I don't need to see ads relevant to my Google searches about grieving, when I browse the news.