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How high the bids go depends on your competitors, of course, but your creativity as well.
With Overture there is fierce competition for the top 2 for certain keywords because of how Y! shows them, and the top 3 in general, which tends to nudge prices up.
With G there's so much traffic that you can bid as little as you need to make a profit and still get decent click throughs.
G lends itself better to geographically based campaigns. G allows you to target a more narrow band of surfers.
Over gives you more words to play with on your creative, which can help the CTR and ROI by better targetting/qualifying your potential clicker.
The two are sufficiently different, and exposure doesn't overlap (as Looksmart does with several other companies).
As a source of leads, they are less expensive than any other method available to our company. It is nice to get on CPC spending because "natural" or "organic" SEO is unstable and sometimes impossible to rank well with. Our sales force hates it when a ranking on Google has changed and they already told the customer to check for ranking X. Whereas we used to spend money on someone (expensive) to work on natural rankings, we can now spend the same money on guaranteed traffic.
Having said that, it's not really your cost per click that matters - it's your cost per lead/sale.
Good_Vibes' results are right on the money in my experience. All things being equal, Google gives my clients a far greater ROI (particularly if it's B2B).