After reading some of the complaints on this forum, I have to say that I think Google and Adsense is one of the most ethical and honest companies I have ever dealt with. They have a good payout - more than would be necessary to be placed on many web sites, including some very high quality ones. And when you consider that presently they have bascially a monopoly on contextual advertising, it is pretty amazing that they treat publishers very decently.
Just imagine for a moment if Microsoft, or just about any other high tech company had that kind of monopoly on this advertising market. Well, you already know what they would do. They've done it. They would try absolutely everything they could to squeeze the last dollar out of advertisers, and publishers. And I can guarantee, even promise, that publishers would in no way be making as much money as presently. And as a result, the entire operation wouldn't be as successful or durable in the long run.
I think this will work over the long haul for Adsense, and for the good publishers, especially the niche publishers. And the reason is because Google and Adsense has not gotten so greedy that they try to screw everybody as much as possible. And that can't be said for a lot of other high tech companies out there.
I have to agree that AS is pretty ethical and fair with publishers. Although I do worry about being kicked out of the problem through no fault of my own. I just wish adsense would get a move on and offer direct deposit and keyword targeted channels. OR, keyword targeted blocks. I am tired of trying to get rid of all the hotel and florist ads.