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If ads were unobtrusive and only placed in between chapters or at the beginning/end? Sure, I see no problem with that. Not any different from having to watch ads during a TV show.
However, I'd be pissed if I was in the middle of a chapter, turned the page and saw an ad pop up.
EDIT: Let me just clarify... I see no problem with that, if the book is free or drastically reduced in price. If I pay full price for a book there better be zero ads in it, other than maybe for other books in the series or by the same author, at the end of the book.
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