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I think I may have seen it and had to block the url which is the only one I have blocked.
Anyone seen anything like this yet?
I should add that this is pure speculation but the ad appeared out of the blue and was well targetted.
In answer to your question, no i havent seen it specifically but i think this practice may be inevitable, as long as adsense spidering remains in it's present form, or of its very easy to
"predict" the terms the mediapartners bot uses for certain pages or sites. When we had "similar sites" in the adnsense block they could more easily be targeted just by reading the bottom bar "other pages about xxxx" etc. That wouldnt be 100% as it probably uses the google search algo rather than the adsense bot data, but would give a better clue than anything else on what keywords you should bid for in Adwords to have a good chance of appearing on that page.
The problem I foresee is how he did it, because the way he did it would bring down the RPC (revenue per click) dramatically, and of course revenue for G.
Again that is only speculation but I can now see how I would do it, and it makes a lot of sense.