How can it be so wrong?
A. You're bidding on the same display domain name as someone else and your ad isn't showing.
B. Your ad isn't showing on content targeting or partner search sites yet.
C. Your CTR is lower than what Google predicted.
D. The estimator was just wrong.
I often vote for D.
I set up a campaign earlier this week where AdWords suggested 100 clicks a day (with an average CPC around $3.85), I'm seeing a little over 400 click/day (0.18 CPC) with a CTR of only 1.2% and the campaign isn't even on partner sites yet.