One of our main stream sites
Zoidsa.com which is geared towards South Africa does pretty well on limited trafic, it gets round 16000 uniques a day and makes money for us, but it is not that easy at all, we use local advertising for all of our sites and only have sites geared for US, UK and South Africa and use local traffic only. Our UK and US sites do even better but it does take a lot of effort, we have never had any luck with adsense and such only from local ads and affiliate programs we have signed up to. We hover round an Alexa Rank of 900 in South Africa for our one site and round 1200 in US and Uk for the other sites so that does help but that is with way more daily uniques.