I have a couple games on the Google Play store.
One has about 7,000 downloads, the other has about 85,000 downloads.
1) At first I worried about the address thing to, but I just sucked it up. Realistically, the chances of any harm coming to you because you posted your real address on the Play Store are about zero. Unless you're specifically trying to hide from someone, it's not really something to worry about.
2) It is super saturated, yes, but people are always on the lookout for good games, and there are communities all over the internet that would love to hear about and try your new game. Make a quality game and the people will come.
3) Not sure why you consider full-screen ads to be scummy -- unless you're referring to ones that destroy the user experience by constantly overtaking it? Users tend not to mind fullscreen ads that appear in appropriate places (between levels loads, or after the level is over, etc). CPM rates all depend on how strategic your ads are. My ads in Jungle Moose worked really well and I had a CPM of about 5-10%. In Bean Boy it was much lower, hovering around 1-2%. I attribute this to the fact that in Bean Boy, there's never a moment where the game 'pauses' to show you a final score or menu. You can always keep going and so the incentive to interrupt the flow of gameplay to click an ad is lower. In Jungle Moose, the ads only displayed once the level was over or you were viewing a scoreboard, so the incentive to leave the app to click a cool-looking ad was higher.
4) You hear lots of stories about Google banning people, but when the other side of the coin eventually emerges, you usually find out that it was due to some legitimate violations on the part of the developer. Like in the thread you linked too -- it seems that the developer was truly violating certain copyrights, and so his ad was removed. There's always two sides to every story.
I haven't made nearly as much money from Google Play as I have from the iOS App Store, but it's money nonetheless...so I do not regret my decision to release my apps on Android as well. Take this with a grain of salt but I think it's definitely a market worth putting effort into reaching, despite heavy app saturation.