purplecape - 6:41 pm on May 24, 2010 (gmt 0)
Lapizuli, under smart pricing, Google has said that the advertiser pays less for a click that Google has determined to be *worth* less, due to the site on which it appears. Google doesn't necessarily change the percentage share on those: if a $1 click is smart-priced to be worth 50 cents, the average payout could well be 34 cents.
cwnet, to add to what netmeg said, another reason you could see 1-cent clicks is that that is what Google pays AFTER smartpricing. You don't see smartpricing deducted in your reports, do you?
Overall, the way I interpret the impact of smart-pricing is that it reduces the amount charged to advertisers. The resulting money is then divvied up, with Google paying out 68%. You can argue that they pay the same % to all publishers, or a different one, but logically I think that the smart-pricing discount is applied first.