I can honestly see why you say this. ARB is so easy to do and it is tempting. But I've personally never participated in it and my low earnings are probably a reflection of that. :)
Either way, I don't see sending out a monthly newsletter and receiving 100 clicks from the influx of users -- as ARB.
But maybe it is... (send users to site via advertising/marketing/newsletter --> some users click ads and generate revenue for publisher)
We could probably debate this for decades, but I think we'll get a better feel for the future of Adsense/Adwords once we're a few weeks into June 2007