Very happy! Am able to get the lowest cpc possible. This probably due to certain geographic locations that i'm targetting, which very few people bother to advertise their product to, so the competition is almost nil.
My concern is with stuff like [webmasterworld.com ]. Adwords is allowing itself to get caught up in a features war with MSN and Yahoo. They are rolling out stuff that is not thoroughly QA'd. Because there is a natural tendency for everyone, especially the press, to talk about what's new, the new gets overvalued relative to the old. What was great about Adwords in the past was the functionality was so strong. In the past year we've seen a substantial deterioration of that strength. They are still better than the competition, but things are trending in the wrong direction.