Having been with AdSense for over the last 1.5 years, I'm definitely noticing a trend of low quality ads in AdSense. In my area, a good 50% of ads belong to "made for AdSense" sites which basically offer zero utility to a visitor and I believe thay pay a minimal amount for clicks. With such high percentage, I wouldn't blame visitors for turning blind to AdSense ads. This, in turn, will discourage serious advertisers to participate or at least drastically reduce their AdSense prorams and payment. A vicious cycle that does not help Google or siteowners. The only (short-term) winners are the AdSense opportunists
Even more than fraudulent clicks I see this trend as detrimental to AdSense. And yet, Google seems to not recognize or do anything about this trend.