Opting out of online behavioral advertising does not stop online advertising. You will still be presented with advertisements, just not advertisements based on your information.
Nor, does opting out of online behavioral advertising affect what advertisers care deeply about – their ability to collect information about you. They can still track and collect more information about you.
One key point is that your decision to opt out of online behavioral advertising is recorded using cookies. So if you ever reset your browser and its cookies, then you will have to re-opt out of online advertising.
If you would like to opt out, there are two major voluntary organizations that most advertisers are part of: (1) the DAA (Digital Advertising Alliance) and (2) the NAI (Network Advertising Initiative). Here are links to their opt out pages: DAA opt out page and NAI opt out page.