For a given article, a single, long page should be able to display about as much ad space as multiple, short pages. If there's some benefit to the gross number of clicks/pageviews involved then perhaps it is the site that's gaming things.

I usually leave a site whenever I'm forced to click through pages, unless the content is really compelling (which usually isn't). Moreover, my reading is interrupted by having to wait for the next page to load. The option for a single page is what I look for beforehand. I don't mind all the ads being there. I think the solution would be showing a preview of the article.