...your use of the cookie must be related to the service requested by the user
Clearly, in the case of advertising on the site, even if advertising is how the site is funded, this is not the case, so, if this law is upheld, this would be an illegal way to use a cookie without permission.
However, this surely doesn’t mean advertising on the internet is Going Bye-Bye. Your advertisers may have to stop tracking your visitors, but they can do a certain amount with IPs.
Actually, I very much doubt that this will materially impact sites’ potential ad incomes. The ad market will still exist and have the same basic value, so assuming the law is applied fairly evenly, hopefully it shouldn’t have very much effect, other than to prevent some of advertisers’ douchiest and most unpleasant tactics.