Welcome to WebmasterWorld Guest from 22.214.171.124
1) What a Webmaster regards as informative articles and what Google or an objective third party regards as informative articles may be two different things. (The Web is cluttered with 300- to 500-word fluff articles that exist mainly as filler for AdSense pages or grist for search crawlers.)
2) Algorithms and filters aren't known for subtleties of judgment. If an account or a site fits the arbitrageur pattern, it may get smacked even if the Webmaster thinks of it as a "content site." That's the risk you run in using AdWords to drive traffic to pages with AdSense ads. (This is just a guess, but I suspect you're most likely to get tagged as an arbitrageur if your "content site" fits the arb pattern and doesn't have inbound links from trusted sources.)
Make a good website first, get traffic there first, then monetize with Adsense, and you should be fine IMHO. Do this 20 times if you want, but stick to the right formula of good content first.
I'm not sure what makes you think the arbitrage ban would effect decent content websites with quality content and search engine organic traffic.
Arbitrage is when you drive traffic from Adwords.
It raises another question that in reality how many advertisers are using conversion feature of adwords and what in case if website is buying adwords traffic for adsense clicks but advertisers whose ads appear on that site don't use 'conversion' feature?
People were saying the exact same thing about arbitrage sites not long ago.
Some people. The ones who were wrong. :-)