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The higher the amount of traffic on that road/avenue/highway the more money they will generate, so it's better to place only a couple of them at strategic locations than place a bunch of them all over the city.
In my experience, they don't do much at all. But, there are tollbooth mods that make them more profitable. In "real life" tollbooths can be insanely profitable.
In a few cities, I've put tollbooths at critical entry points to work/manufacturing areas. As people go to work, they have to pay. When they come home, they have to pay. However, as higher paying jobs and industries develop, more affluent workers want to take the subways and I inevitably end up building subways and overhead rail to get people to work and back, which sort of begins to minimize the profits on tollbooths, anyway, and only lower-educated/lower-income people are taking them to get to their low-tech/dirty manufacturing jobs. And, then there's buses...
At the moment, I can't remember if buses/subways/overhead rail produces equitable return per passenger as toll booths. Anyone?
They are, your entire transit department can turn a big profit without using toll booths at all if your city is sufficently densely populated.
Trouble with toll booths is that if your sims can drive around them, they will. Much like you and me they dont like tossing away a few quarters for a road they allready paid for.
They also slow down traffic which is a really big problem if your using NaM which does not increase thier capacity.