If I only want to show ads to people in Florida, the content network can't do that can it?
Google certainly allows me to turn on content network for geo targeted ads but i don't see how they can know.
Can they?
(ultimately the answer for me is "does it convert" which i am actually seeing in some cases so I don't know what's going on. Adwords FAQ doesn't seem to address this issue directly)
It can be very interesting to run two content campaigns and compare results (people see widely different conversion rates depending on their niche):
1: Content network campaign geo-targeting without geo-keywords in the Ad Groups.
2: Content network campaign targeted nationally with geo-keywords in the Ad Groups.
Depending on the products/services - I've seen some pretty drastic differences in conversions (which makes sense if you think about the targeting vs the user experience in these situations).