Not even remotely. Photoshop has a well defined sticker price. It is well established (at this point) that in order to get a legitimate copy of Photoshop, you have to pay said sticker price.

There are no EULA agreements that people agree to when downloading free apps.

Furthermore, when an app is 'ad-supported' it is not clear at all what agreement you have implicitly engaged in. Have you agreed to allow ads to collect data that you enter into the app itself? Is the author only receiving funds if you click on the ads? Are you morally obligated to click on the ads then? If not, how is my decision to never click on ads any different than blocking them outright? How much data from the app to the marketers is being collected? If I plan a trip with your app, are sponsoring companies receiving this information as well? Are ads simply keyword identified or are they using a profile?

Without transparency about how the ads provide funding (which actually violates Google ad words TOS) I don't see how this is a simple black and white situation. I believe most people operate on the assumption that the ads are "you click, I get paid". As a result, most people view ad supported applications as a variation of donationware. If you don't want donations to be optional, don't use this method.

I'm not a lawyer and I'm not really talking about the law.

You raise some really excellent points about privacy and ads that I totally agree with. But if you don't want ads in your ad-supported app, I think the only fair thing to do is not use it. In the same sense the it's only fair to pay for shareware that you routinely use, even if there's no DRM and you're not legally or functionally obligated to do so.