Adotas contains an article about Google's PPA program and states how "Google starting to test CPA in content moves them one giant step towards not just the ad network but the arbitrage business" [adotas.com ]
I take this to mean that Google is leveraging the Content Network to collect conversion data through PPA ads. They will then use this data to plan their expansion of PPA ads into the AdWords arena, possibly leading to Adwords Arbitrage – akin to AdSense Arbitrage.
What are your thoughts on this? The author of the article seems to indicate that Google is going to get into arbitrage, and I'd love to hear other opinions to clearly understand why and how.