I'm with Alex here. If my site were a commercial venture I'd pay for that if it were commercially viable to do so.
If it isn't, word of mouth is excellent advertising. If it's a hobby site you're probably a member of some of the other associated sites with that hobby. Most offer link exchanges for hobby sites (even the commercial sites often have these for free for noncommercial ones), put the URI in your forum signatures, etc. etc.
Far more effective than paying for it for the simple reason that many people will not click on advertising banners or sponsored links in search engines but will visit a site referred to them by a friend or a site they trust for no reason other than that the referrer liked the site.
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duckman
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since Nov 2004