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Publishers who have earned most of their revenue from MFA ads (as much as they may hate those ads) could see their earnings get worse before improving.
This includes ARB ads as well and I don't think people are taking this into account.
Couple with this, the fact that Google will soon begin implementing site-targeted CPC ads -- many site owners will probably see an even bigger drop when the "cream of the crop" advertisers aren't targeting their sites.
Anyhow, as of mid-day I would not say our earnings were out of the ordinary. On the other hand I'm still seeing a number of arbs of the top# dot com "search engine" variety who are driving traffic via Adwords and redirecting it out via OTHER brand SE result ads. I guess these are still ok with Adsense?