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Better to build quality content first. Create traffic thru link building (link baits, social networking, directories, etc) and PPC like adwords. When you have the traffic, that's the time you monetize the site via Adsense or other ways.
Most sites take the other, seemingly easier route. Create low quality content, put up adsense, build traffic, and do adwords. These sites have a low score in Google's book.
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