Actually, I am self debating about this question when I started this blog. I tend to prefer putting advertisements in the later stage, maybe after getting a pagerank or acheiving a certain amount of alexa ranking before having advertisements. There may be a lot of blogs out there which is doing quite well even though they are practically a newly formed blog.
I think that reasonable amount of advertisements on a new blog is acceptable, but not too much until the reader is scare away. Personally, I have quit following some blogs because they are filled with advertisements, and sometimes concluding that the blog post could be a post for advertisements too. Credibility of the author will reduce when things like this happen.
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If the ads are well-placed, not bring excessive and the ads are not those popping here and there ads, it will be fine for me when bloghopping.
For paid posts on my new blog, I will only accept sites that allows me to write freely about their site without having them setting the tone for me.