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jomaxx - 7:51 am on Apr 19, 2006 (gmt 0)
The catch is that such sites usually cannot get free traffic in any quantities (because they suck). Some do, you just need to look at Google's SERPs to see that, but the vast majority of them get just a trickle.
Sure, a lousy page can easily have a higher CPM than a "quality" page, but so what? AdSense is a business, not a reward for building a good site.