Dave.
I'm sure that my experience should not be regarded as representative, but VERY roughly:
1) I can get 2x to 100x the volume on Content over Search, especially at low CPC bids.
2) With work (eg lots of -ve keywords for Content), I get similar Cost Per Action (CPA) on both.
My main site is pro-bono and non-profit, and thus I quote CPA (in fact, cost-per-conversion to a "sticky" visitor for me) rather than ROI.
I find that using the ad scheduling to modulate bids down during peak periods (when I assume competitive bidding to be strongest) seems to help keep CPA down at a little cost in volume.
Rgds
Damon
On the subject of negative keywords...do negative keywords only apply to the content network, or do they apply to the search network as well?
Dave.
We just learned some things about the "search network" that is bothering us big time and are about to do just the testing that is being asked about here.
For example... did you know that if you go to one of the major shopping sites like bizrate and do a search or their site using some of your adwords keywords that the results page (at the bottom) will likely show your ad!
And, the delivery is from the "search network" NOT the content network!
There are many, many, many instances of this these days!
This is unusual but possible in the travel industry as Partners includes some impressions that IMHO should be Content matches but that is another story.
A note on my method. In the Campaign with Search Partners enabled, I bid 20% less than in the Google only Campaign. Doesn't completely separate the two but gives a decent idea.
Now the theory, Search Partner traffic will be about 10 to 15% of what Google traffic is. That's the search share of AOL plus some of their other small time partners added together as a percentage of Google's 50%+ search share.
I am considering segmenting out all my Search Partner traffic like I used to have to do for Content traffic.
Hope something here is helpful.
Dave.