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about 50% of all my inbound emails have ads showing for related/semi-related topics, however NONE are from the UK.
so either certain adwords advertisers know something which I dont, or Google is not offering Geo targeting based on my location when reading email etc etc
Now go back to Gmail, right click on the page and select "Google AdSense Preview Tool". Make sure you select UK under the Options link. Now compare the Gmail ads with the ads displayed by the Preview tool.
Are they identical?
>>> however NONE are from the UK.
Now are you absolutely sure that you are in UK? Sometimes, you will never know where you are after a few pegs.
That's not to say it won't happen before launch - as things are still in beta, that feature may simply not have been enabled yet (along with other languages for the interface and the rest of it).