I have been using AdBlock for years, and I have no problem with this feature, provided that they select their whitelist carefully and enforce the rules aggressively. I wouldn't have any problem with ads if they weren't such a disaster. If there are providers that can do ads responsibly - no animations, no sound, no taking valuable space where content should have been, then I have no problem with giving them the edge. I'm not opposed to the idea of advertisement in principle, I use AdBlock because otherwise bad ads (which are on 99% of sites) make using the web extremely tiresome and annoying.

If the Google leads the fight in making ads good citizens on the web and profits from it - fine, all power to them. If they would start abusing it - I'll turn off the whitelist and all their money would be spent for nothing.