Hmm yeah I do make some money from it, I've had better months though, right now I'm making a little more than hosting costs, also because we're on a better, reliable server right now which is more expensive obviously.
It is possible to make a lot of money with google adsense, basically you need lots of traffic, well paying ads (google picks the ads for you automatically based on content) and optimized, relevant ads so the CTR (click through rate) is high.