After you spam the crap out of it and the links have settled, that way, you don't risk people screwing with your links/ads AND they are more likely to approve comments if they dont see ads on the site Bait and switch.
If I'm using adsense I always put it on the site from the beginning. I have never found it to be an issue. For a content locker I would wait until I started getting some decent traffic rolling in.
People don't like content lockers for the most part. If you're not concerned about bounce rates or people linking to your site put it up when you want to start testing the traffic.
I usually wait till it's in the position I am hoping for before heavy monetization, although I'll sometimes add some adsense or something to test the waters to see if it warrants further development.
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