I used make about €200 a month on hubpages until Google Panda hit.The majority of this came via Amazon affiliate sales. I still make a bit now, but it is way down.
I was making about $30/month from Amazon affiliate and Adsense on two different blogs. Once Panda hit, my Amazon affiliate blog died but the Adsense one (sports) does more like $150/month now
Panda slaps are recoverable in most cases, you just have to change strategy...