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Thanks for your response and got to know somethings like cost-per-xxxxxx models. When you say advertising providers here, can you name some them in mobile space. What are the other many variables you were mentioning above, name some of them at least. I agree it is probably more appropriate to check some other developers who has done this kind of stuff to get real picture.

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There is a thread discussing i-Ad revenue here: http://forums.macrumors.com/showthread.php?t=1022402

There are a lot of mobile advertising networks. A lot of the analytics companies have ad networks connected with them (Flurry, Mobclix), a lot just are ad networks (Ad Mob, In Mobi). There are tons of advertising providers. Tons. Ask around, see who has used what and how they like them.

good, that has enough information what I was looking for initially.

One of the other factors is your niche, and the amount of ads targeting your niche. For instance, I think icanhascheezburger gets very high ad click throughs and impression rates, because of how targeted they are. I can't find the article, but I think most of their ads are for pet products, since people looking at cute cats (and dogs, for their sister site) are predisposed to owning, or looking to own a pet.

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