With the latest Google Panda update, content to ad ratio matters. Websites with advertisement that occupies a large portion of the header or upper part are penalized. The new policy appears to follow the idea of less is more, or the much popular theory of 20/80 rules.
Based on a research by labnol, the large rectangle is the best performed ad unit followed by medium rectangle. As shown in the chart below:

We’ve compiled a simple table on the type of ad offering by Adsense. As shown in the chart below, Medium Rectangle (300 x 250) and Large Rectangle (336 x 280) are the only 2 formats that offers display, text and video. For your information, display and video ads are some of the highest paid ads in the market. Which pretty much explains why both of these ad size tend to perform better than the rest.
| Size | Image | Text | Video |
|---|---|---|---|
| Leaderboard (728 x 90) | ✓ | ✓ | |
| Banner (468 x 60) | ✓ | ✓ | |
| Skyscraper (120x600) | ✓ | ✓ | |
| Wide Skyscraper (160x600) | ✓ | ✓ | |
| Small Square (200 x 200) | ✓ | ✓ | |
| Square (250 x 250) | ✓ | ✓ | |
| Medium Rectangle (300 x 250) | ✓ | ✓ | ✓ |
| Large Rectangle (336 x 280) | ✓ | ✓ | ✓ |
| Button (125x125) | ✓ | ||
| Half Banner (234x60) | ✓ | ||
| Small Rectangle (180x150) | ✓ | ||
| Vertical Banner (120 x 240) | ✓ |
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