here's what l did with one generic domain name......l will use an example as l have sold the domain and all of its subdomains in a one off deal.
lets say the website was doglovers.com
what l did was to list as many subdomains as possible all on the same ip address and using the same server...so hers what l did...
labrador.doglovers.com
anydogname.doglovers.com
They were all auto blogs with adsense blocks in the opening fold and l did 50 of the them in just over a week.
Then l used bookmarking demon to bookmark them, within the first month they were pulling over 250 usd per month off them and the more l bookmarked them over a three month period the adsense kept on climbing.
I started to monitize the sites with amazon links and started to see some sales but then decided to flip the website and l got just over 1800 usd for the combined websites....
no l realise that l boke most of the advice given by the seo experts but purely through bookmarking and articles l got enough combined traffic to make it pay so l didn't really bother about the seo to much.
I have spoken to the girl who purchased it fom me and she says she has maintained the adsense earnings and is happy with it.
So my advice would be just to try it, test it for yourself.