I alluded to this in another thread, but felt it worthwhile to open up to discussion in a thread of it's own.
Let's just say for starters that i will be keeping a close eye on how non-google search engines rank pages (or sites) with the adsense code in it in the next 6 months.
Now serving SERPS of pages that may be full of ads making money for Google is one thing, but there is something else even more significant.
The "Ads by google" link is actually a very powerful ad for Adwords itself (tho only 3 words, it demonstrates "product in use" in a very obvious way), and the Adsence thrid party ad server. I wonder whether yinktomi or other overture influenced sites will see it in their best interest to quietly downgrade Adsense coded pages, as Adsense is playing out to be a big player on the web, especially in the content/info domain?
That would make immediate sense for OV related properties or even other 2nd rung advertising/PPC-dependent SEs.
On the other hand the negative side (and its a major negative from where i sit) is it could reinforce Google's brand as being the SE you go to to find "information", especially if Adsense gets critical mass quick and many top quality info and niche info sites carry it. This could entrench Google even more as being the major "objective" or "info/content" based SE, just while ATW, and maybe soon Yahoo/ink are boosting their delivery in this regard.
Now if OV provides a similar program to info sites things may change, but they are showing little evidence of including smaller niche sites in their publishers, opting at the moment for traditional big players like MSN. Indeed, one OV spokesman mused recently - "why would anyone want their ad appearing on a blog anyway?".
What thinkest thou?