"Calendar", and "FAQ's" are more important.

I have a crap ton of advertising banners on my index page, but they're at the bottom. I'm not ashamed of them; I just like to keep the majority of the page uncluttered. My links page is reserved for banner exchanges with other ladies (and some gents) and to point folks to other sites I especially like.

As said above, if they don't get in the way of your site navigation and aren't placed so that they completely ravage the aesthetic, I don't think most clients will care one way or the other. There will be a minority who do, or who want to think we shouldn't advertise and who will have their tender sensibilities offended by the thought, but do you really want to see someone THAT uptight?