Well, the adsense aspect of Graphene is not a function — it really just provides a place for your adsense code to go. Google is actually handling displaying the ads. You can, in fact, enter any valid HTML code in the adsense box and it will show up where your adsense code will show up. In fact, for a while, I was displaying ads from both Adsense and Clickochet, just by entering both codes in that box. But you could enter an iframe, a link to an image — whatever — and it will show up there.