I use AdBlock for Chrome and it works marvelously for me. I feel like I would not want to be online without it. In addition to blocking ads I've also found several creative uses for it.
Block extra elements on login pages
When I surf to my bank's website there's a lot of clutter on that page, including some little media applets that take a moment to load. I've blocked all these elements, leaving just the login form fields. This makes the page load blazingly fast. I'm only on it for a moment and I'm already a customer, just let me pass.
Block pictures that annoy you
I know I'm not the only one that's had a breakup before. Even though I don't feel like I've had particularly messy breakups there's still times where I don't want to see their faces staring back at me. On several occasions I've blocked icons/avatars for this and it works beautifully. Your ex, that girl from school you can't stand, the guy who set his icon to something inappropriate. At least you don't have to stare at them anymore.
This also extends to just plain annoying images. Looping animations that are distracting on a long article, blinking things, an inappropriate image shared on your Facebook feed. You can block almost anything with ad blockers, but thinking outside the box extends this functionality even further.
I don't want to rate movies on Facebook
AdBlock is pretty good at blocking the actual ads on Facebook, but then they put their own 'stuff' over there on the right that's just annoying. In most cases I don't want to rate movies, or add friends or write a review about the place I checked in at once 3 months ago just to get a coupon. I block these things too. Facebook is kind of tricksy though, so you may have to block these right-hand boxes more than once.
A little goes a long way though
Be a little cautious with what you block, because blocking one single image file is easy, but if you block a CSS element, you could end up blocking important parts of the page. AdBlock for Chrome has a slider, play with it until you get the results you want. If you go a little too far right clicking the AdBlock icon will let you choose Options and then taking a look at the Customize tab will show you the custom filters. Edit that last addition and your last block is reverted.