Sounds reasonable, except that it clashes with my years of collected data and graphs showing a steady increase in EPC earnings (except that recent dark Friday that took me 2 years back). And from other's reports here too, there is an recognizable ascending pattern in earnings.
Even if a publisher wins a legal case and Google reveals their share of his advertiser's spend, it could very well be just that, his share not ours.
Looking back at historic data, I am observing something very strange, out of tens of thousands of daily ad impressions, when there are like 200 to 700 CPM impressions (a tiny percentage), overall CTR and earnings drop noticeably, although those CPM advertisers get only very few clicks and impressions to affect anything, not sure which is the cause and which is the effect: When I'm heading down, google fills in via CPM, or when I get even a tiny number of CPM my earnings go down (This still has nothing to do with the dark Friday EPC nose dive)
[edited by: Hobbs at 11:41 am (utc) on Mar. 8, 2007]