There are several ways to go about using this Ad Network. Here are some thought provoking ideas about it.
As described in Part 2, there are some small risks involved in running ads that pass link popularity. Linking out to bad neighbourhoods can get yuo in deep troubles. You have to take this into consideration when setting up the ads.
If you have just one site, there's not much flexibility for you. In order to get the maximum weight you will have to publish ads on as many pages on this domain as possible.
If you own multiple sites however, there are ways to 'safeguard' those that mean most to you. Let's say you have a few blogs for fun, a forum for fun/educational purposes and an e-commerce site that pays your bills. You could run the Co-op on all of them get a massive weight to play with. You could, however, protect your 'money site' from the potential pitfalls mentioned earlier and exclude it from publishing ads. You could run the ads on blog A, blog B, forum C but have all ads you create aim to e-commerce site D.
Some people believe that reciprocal linking isn't as valuable as it used to be. By participating with multiple websites in the Co-op you can avoid reciprocal links by showing ads on site 1 but aiming your ads to site 2 only. This way site 2 will get one-way links.
It can also happen that you will start publishing foreign ads or ads with content that doesn't go very well with the content of your site. When you know your site attracts a critical crowd of picky visitors, you might want to decide against running the ads on that site. Tact, intergrity and credibility are probably worth more to you than the extra bit of weight which you can spend on ads.