FromRocky - 6:23 pm on Dec 19, 2004 (gmt 0)

I agree with all the above three points from Genstar and want to add one more.

In Adwords bidding system, you never know the actual CPC for each ad except your own ad. If you prefer to the AdWords "Traffic Estimator", the CPC you get is at the maximum based on a default CTR. This max. CPC may be twice or three times the actual cost for the same position.

Publishers drop Adsense.

This is true. There are some publishers dropping the AdSense everyday. However, there are lot of publishers who are very happy and stay with AdSense over a year.