Adsense is a changing game.
The trick with adsense is, of course to have traffic that isn't coming from google. You have to give people a reason to link to your site, and get a good following going. You'll get more clicks out of that type of audience than you will from SE traffic. The reasoning (in my opinion) is because people from search engines are searching for your content, and not searching for ways off of your site.
SE traffic is targeted traffic if you're selling a product, or an affiliate. But as far as adsense goes, the trick is to get word of mouth and linked in traffic.
Just my two cents from experience.
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