Okay... let me start by saying this... there are A LOT of ways to skin a cat.
I've seen plenty of different and original ways of making money as an affiliate... and rest assured that I've done most of them... some to a little success... some to a lot of success.
The ones that were LITTLE successes had much less to do with the effectiveness of the method... but more to do with either me getting bored... or me straying away from my bread and butter (I have two).
So... here's the caveat:
Don't go crazy trying to master a bunch of different things when it comes to affiliate marketing. Don't try to master Adwords... then go to blogging... then to hubpages... then to article marketing... then to squidoo... then to banner ads... then to email marketing.
You'll stretch yourself really thin. My personal advice... find one or two things that resonate well with you and go with those.
Caveat number two (okay, I know that I said only one)... where you start depends on how much money you can afford to lose while you're testing things out.
DO NOT put your rent money on the line to try to master Google Adwords... that's a death wish. If you're just starting your business with minimal cash flow... go with one of the "no cost" methods to get yourself up and running FIRST... then use your profits to expand into "paid" advertising.
There's no shame either way and I've made great money with both free and paid affiliate campaigns.
For best results... focus on one or two methods and work within those. The scattershot approach isn't in your best interest.