It's up to you how much you want to share. When you're entering the adsense code into the admin panel you replace part of it with #shared# (or your own specified code). #shared# is what will be replaced with the user's custom code.
So let's say your admin code is:
Hello there, my name is #shared#.
If your user's custom adcode is Ralph then the output will be Hello there, my name is Ralph.
Or you could set your admin code as:
Hello there, #shared#.
If your user's custom adcode is Ralph then the output will be Hello there, Ralph. Or your user's custom adcode could be my name is Ralph and the output will again be Hello there, my name is Ralph.
It's up to you how much you want to open up to user's to specify, but to keep things on the straight and narrow I'd generally recommend that you share the minimum amount of code possible.
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