I use my own landing pages, so I dont have to compete with others bidding on the same url.
This one popular website has multiple affiliates using adwords. Since someone has already "outbid" this guy (remember the new affiliate policy - one affiliate ad allowed) he figured out a way to bypass that.
The normal url is something like www.superwidgets.com
This guy purchased this url : www.super-widgets.com
Yes, very close BUT the PROBLEM is that when you goto super-widgets.com it REDIRECTS you to superwidgets.com and MASKS the url so you still think you are at super-widgets.com but you are actually not.
He is using a program very close to Affiliate Cloner to mask his url.
Obviously adwords missed this one, and the guy is getting away with it. (unless it's allowed, but that would be a new one for me)
I found a couple other websites that are doing the same. Whether the guy has multiple accounts is unknown to me, but it looks like just recently new ads that all pointed to the same domain all got put up with the method of cloaking and masking the url.