celgins - 6:29 pm on Jun 1, 2007 (gmt 0)

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.

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.