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celgins - 6:29 pm on Jun 1, 2007 (gmt 0)
This includes ARB ads as well and I don't think people are taking this into account. Couple with this, the fact that Google will soon begin implementing site-targeted CPC ads -- many site owners will probably see an even bigger drop when the "cream of the crop" advertisers aren't targeting their sites.
EFV stated in the forever-long "AdSense Disabling Arbitrage Accounts by June 1st - Part 2" thread: Publishers who have earned most of their revenue from MFA ads (as much as they may hate those ads) could see their earnings get worse before improving.