Don't get me wrong; I'm all for ads in RSS, and have said so for months. I have intuitively felt that inconspicuous ads would probably work best, if only because they would piss off readers less than big, loud ads. However, a study from Pheedo indicates the reverse is true, and it's two layers of bad news. First, ads run as separate RSS feed items are far more successful (generating about eight times the clickthroughs) as ads embedded in RSS items. Then, it turns out that blitzing the feed with ads in every other item is the most successful tactic of all. Of course, you might lose most of your readers, but the remaining ones will be clicking your ads.
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