With the phenomenal success of Google Adsense, the other players - both global and local - are slowly starting to enter the arena. Though many small ad networks existed/exist, none of them is as close to the excellent contextual ads provided by Google Adsense. Here's a list of some Indian ad networks who 'might' get some market share from Google. The biggies like MSN and Yahoo are already running their beta versions for US users. The day they open their full versions for the international subscribers, the scene would become more interesting. This time, unlike the email wars, we can cash-in on their competitive skirmishes.
blogads, their ads really stand apart, it is like a decoration in one's blog. Unfortunately, it is only by invitation.
To have a look at the type of ads provided by blogads, visit this blog. This blog is an arbit selection after googling.