I have no dislike for Sky however I do believe they could offer better value to their customers by either removing adverts or reducing subscription costs.
Not meaning to be pedantic but this differs somewhat from your original position that you wouldn't consider paying for adverts. If you now say that reducing subscription costs while keeping ads in is acceptable then it simply becomes a matter of cost, not content.
I choose not to pay to watch adverts and couldn't understand why someone else would, in the process of this discussion I can see now why others choose to do so, so I am richer for this discussion.
Of course its a matter of cost for me as I said before, it was someone else who went off at a tangent to suggest it was a moral position.
I suppose you could condense it to say that since I do not place a high value on TV I won't pay a high cost for it, whereas someone who places a higher value on TV would be willing to pay a higher cost. I choose not to pay to watch ads and I stand by this.
And pardon me for saying so but your position seems a little naive. There doesn't appear to be any logical business reason to remove adverts or reduce subscription costs, since the very profitability that you resent demonstrates that there is a substantial appetite among the public for such a service. Any CEO proposing to reduce income on the basis that "we have enough profit now" would likely end up having to rework his or her CV at very short notice. And the money that they make enables them to consistently provide a professional and varied service which lesser revenue might not allow. I've lived in mainland Europe for example and the difference in quality between their services and the ones here in the UK is night and day, with everything from hardware to EPG to programming choice and variety. You get what you pay for.
It's a matter of perspective. From a business perspective everything you have said is true and if you are a shareholder or have some vested interest in the company it's great news. But should we really be looking at this from the perspective of the business? no, of course not, we are customers (or potential customers). I have proposed the argument that Sky could remove adverts from their service and still make a significant profit to it's customers and this would present significantly better value for money.