I think you're being a little too forgiving to ABP's standards. Specifically, this:
If the ads conform to what's "acceptable", then all ads seen are non-intrusive and free from malware
Don't you mean, if the ad conforms to what's acceptable, then all ads are approved by an organization which is paid by advertisers to approve their ads? I can't possibly think of a way to do that without a conflict of interest. The only solution to adblocking, in my opinion, is community based, so that "what gets blocked" is the same as "what most people think is annoying".