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Besides (not that it seems to stop anyone inclined to do it), the Adsense TOS strictly prohibit developing sites for the sole purpose of gaining Adsense income.
Strange....
As for the "possibly related posts" feature, it's more to keep people browsing other WP blogs. I don't really see the harm, especially if you're using WordPress.com instead of your own hosted install. But - it's easily disabled...see the comments on that post. The tradeoff is that if you disable it, your blog won't appear in other people's "possibly related posts" section.