I am a newbie in the forum, I found it useful enough to register. Seems to be a really good place.
I am working sites in Spanish and I have been quite successful with the Adsense program. Started struggling to get the first 100$ for the paycheck and after years I am finally winning around than money every day as a side job.
In Spanish sites, affiliated ads programs usually are absolutely crap. You get little money, no big range of different advertising, and when you deal with the companies you really get the sensation of hopelessness.
I was having a site with 2.000 unique visitors per day and decided to unsubscribe from one of those desperate affiliated programs and they sent me a few personalized emails begging for my coming back, trying to get me in the phone to convince me. When you see that, you feel like they are a really small and despairing player.
So from my experience, the Spanish arena, theoretically one of the biggest after Chinese and English, is really struggling and dependent of Adsense program. Anyway I will take a look at your ideas about affiliated marketing, because I guess this is were really big money can be done.