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eWhisper - 11:26 pm on Jul 21, 2005 (gmt 0)
The interface I saw had a a list of the minimum CPC by keyword, so I'm pretty sure it's going to be by keyword. Also, the processing power necessary to handle minimum bids in real time would be truly astounding. I think Google is also worried about it, and therefore it'll be a nightly or set interval update. Again, this is all preliminary - one never knows how things will actually work until it's running.
I think I've read the minimum bid may very per adgroup. That sounds like the Quality Score will be highly dependent on individual performance.