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I am torn on this one. I like the look of both. It seems like the second option is getting more popular lately with the blogs I frequent, this might be sign to go with option one just to be different from the crowd. ;)
I think it totally depends on what your content of your sidebars are. If they are going to be lots of animated banners, I would prefer to have them all on one side of the blog I am viewing. If it links on one side and links/banners/logos/ads/etc on the other, that is fine too.
My blog is currently the 2nd (content, side, side) as I liked the way the other stuff was handled. (header, general theme of the page)
I like either one provided there is not a lot of busy stuff. If there is a lot of busy stuff on one the page (flashing buttons, etc), I prefer the content to be on one side so I can block out the other side. Otherwise, either is fine. Mine is three column and the content is on the left side. Though I might switch it up...haven't decided.
IMHO, I like the content column, narrow column, narrow column. I was a design professor at a private art college for a long time (but I'm still a blogging newbie), and my experience tells me to focus on the content, not the flash and distraction of the ads. My background is advertising, so I believe it is VERY important, however YOUR content should be front and center.