Yeah, it really comes down to what you're trying to do and how much a subscriber is worth to you. Even if your blog is just a personal one you might use AdWords as a vanity thing. The return there may not be monetary, but it still might be worth it to you.
I think you have to look at it terms of ROI. The investment is pretty clearly the money you spend advertising. The return might not be so clear, but if it's value is worth the investment they why not advertise.
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