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Photo Essay: The White Temple of Chiang Rai, Thailand
From browsing the publisher listings, it's really hard to tell if there's a minimum traffic requirement. A lot of listings have Alexa rankings at 1...2...even 5 million, which probably equates to a *few* unique visitors per day. Usually those sites do feature a higher Page Rank though, like 4....or 5. Also, I think it may depend on the niche. It might be harder to get accepted if you have a Tech blog with low traffic, than a travel blog about Kenya with low traffic.
It's worth the effort though, because it's hands-off once you get started. I'm anxiously awaiting acceptance from the Review Me program (run by the same people), so I know what it's like. Hopefully Google's updated Page Rank will come out this month, and we can all benefit!
In general, beginners have a better chance of making money with text links than AdSense, unless they know what they're doing with keyword research and SEO.