If you want to make money from contextual ads, be it from arbitrage or not, I think YPN and AdSense are simply the best ones out there simply because they have the most advertisers, most traffic and of course highest CPC.
You can also use PPC with other programs like CJ, Azoogle, Click Bank, etc. However you probably won't get the best results from 2nd tier search engines like searchfeed and 7search (at least on my experience, it might work on certain niches).