Yes. You could still serve ads from third party domains but these ads wouldn't be able to run javascript. This would be a protection in term of security and privacy. With no cookies or javascript I do not see how a tracking company could track users accross websites. And unless I miss something it would be a more constructive alternative to ad blockers.
[edit] in fact an alternative to blocking third party cookies is to restrict third party cookies to the domain-visited/third-party-domain, such that third parties can still use cookies to track you on the domain visited but that cookie can't track you accross websites.
This thing relies heavily on javascript, flash and silverlight. Both flash and silverlight require javascript. So unless I missed something, without scripts the only thing device fingerprinting can harvest is pretty much the user agent, which is pretty much useless for fingerprinting.
