Getting rid of ads is, thus far, the only reason I rooted it. The battery life of my phone is precious enough without wasting it on ads that take up most of its small screen.
The procedure looked like this:
- root phone
- remount / as read-write (in my case: mount -o remount,rw -t yaffs2 /dev/block/mtdblock3 /system)
- replace /etc/hosts with the contents of an up-to-date ad host blacklist
- sync and reboot
I imagine this will lower my bandwidth use as fewer images and other content files are downloaded. Verizon should thank me.