I just chatted with a friend... and we talked about generating income through blogging. I started monetizing my blog last December 20, 2007. And I earned quite a bit since then.I was able to treat my family to a nice dinner and bought some clothes and stuff... It's exciting to get the payment... especially the first one.
It actually helps when your blog has PR. You get a higher rate compared to having none. But you can monetize your blog even if it doesn't have PR.
But before you apply for these companies, make sure you have a paypal account (just go to their website http://www.paypal.com). It is where most of them send the payment. If you're in Malaysia, you can use your credit card to apply for paypal. If you're in the Philippines, there's a bank (I think it's Union Bank) you can use to apply and create a paypal account. When you have created your paypal account, you can start your application to these companies:

Pay Per Post requires you to have a 90-day old blog with original posts. They reply fast once your blog is approved. But if the blog is not approved, it takes 2 weeks for them to reply saying that your blog is not approved. I applied twice for this blog and it was only approved on second application. In pay per post, once you're approved, they have a line of opportunities you can work on. If your blog has a PR0, it's hard to get opps. But if it has a higher PR, then there's a lot of opps waiting for you to work on. When my blog suddenly got PR3, I was overwhelmed with lots of opps to work on. Good thing I maximized the time I had PR. Got quite a bit of earning from writing opps that time. Payout is 30 days after you write the review.

Smorty was the first one to approve my blogs. Good payment process also. Smorty requires your blog to be 90 days old and must have a lot of indexed pages. I have earned quite a bit from Smorty. But these days, all it offers is to write about g5mbl1ng sites... which I don't do.

This one doesn't have a lot of requirements. It's very fast to get approval. The only thing is, you have to bid on the opportunities, then wait for the advertisers to approve your bid. Only then you can write your review. You must be patient if you're into this. Have to wait for a few days sometimes to get your bids approved. They take 60% of the amount they display for the opp. But the payout is rather good. They do once in two weeks.

This is also very easy to apply with. I like their process but can be boring too. They will email you once you have a job. But they don't have a lot of opps. Payout is usually at the end of the month.
There are other money-making sites you might wanna try:
LoudlaunchReviewmeWish you best, my friend. :)