Quantity or Quality?

Quantity or Quality, in terms of Websites and monetizing through PPC only.
In your opinion, would you make more money from hundreds of small ad-infested websites. OR 2-3 Great Content websites.
Consider the following:
Webmaster #1 :
– Owns 100 websites from various niches
– Achieves 10,000 unique visitors per day COMBINED.
Webmaster #2 :
– Owns 1 Website.
– Achieves 10,000 unique visitors per day.
Of course there are several variables that could influence the amount of money you make from PPC, but strictly speaking, which Webmaster would generate more revenue?
-James

Original post by jvuonger