I think it depends on what you are selling.. If you are selling something generic and logic then text may be better than a picture, but for an emotional purchase like jewelry pictures are far better..
Also, Google went to the effort to make it illegal for you to bland pictures with your adsense since it was cause such high click rates..
I have to think that the picture with the text is the best solution when possible.. But where it isn't possible I think you need to consider the location of the ad, the surrounding ads, and what your primary goal for that ad link is.. Sell product, or drive traffic, or enhance SERPs..
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