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I've built a handful of sites using very few banners. One of those sent more clicks than any site I've ever built...and resulted in no sales. (I was so pissed.)
Overall, I don't see a huge difference between sites with banners vs. sites with no banners, but from what I can tell, it's text links that make the sales. (No surprise there.)
My gut tells me that having appropriate banners helps get the paysite brand in the customer's mind - potentially making him more open to buy - but I haven't really tested this. One of these days a bunch of us need to hook up and run an experiment or two.
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