(I used to use the HOSTS method but stopped for that reason.)
That said, frankly, if a web site won't work properly because it can't load content from an ad network, then it's probably not a site I'd want to visit and pull information from.
Stuff like redirects that sites use to track links can get blocked and you can't follow links on a page, etc.
Currently the hosts files from the following locations are amalgamated:
MVPs.org Hosts file at http://winhelp2002.mvps.org/hosts.htm, updated monthly, or thereabouts.
Dan Pollock at http://someonewhocares.org/hosts/ updated regularly.
Malware Domain List at http://www.malwaredomainlist.com/, updated regularly.
Peter Lowe at http://pgl.yoyo.org/adservers/, updated regularly.
hpHosts at http://hosts-file.net/, updated regularly
My own small list in raw form here.https://chrome.google.com/webstore/detail/ublock-origin/cjpa...
https://chrome.google.com/webstore/detail/flashcontrol/mfidm...
https://chrome.google.com/webstore/detail/https-everywhere/g...
I resisted ad-blockers for years because I believe in giving up my eyeballs to ads for free content, but finally gave up when my son started downloading minecraft mods, and he'd have trouble discerning between real download links and ads which installed malware. So I really don't mind some basic advertising, I just don't want (subjectively) "obnoxious" ads (and, yeah, the subjective part makes it hard).
I see that uBlock allows you to configure lists - are there lists that only contain the worst violators? (Forgive my ignorance, as I said I'm new to ad-blockers as I resisted for so long).