Forum Moderators: open
(at least it would be if they let you advertise on terms that you know that get traffic ... I'm sorry you can't advertise on that because our systems don't do wide match well enough to show your advert a sufficient number of times)
Bring on the 5p bids and a more relaxed keyword frequency policy.
Sidenote:
Exchange rates really annoy me on Google too. We have an old AdWords account in dollars (with big UK campaigns on it) and fluctuation in rates really seems to cause us issues with positioning. I've looked at migrating to GBP but don't believe there will be a smooth enough transition.