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the efficiencies of that bidding for results automation FAR outweigh your techniques
What do you mean here? I would think both my technique and the CO go through a similar calculation and feedback loop. There is some lag time with mine, though, since there are too many keywords to process all of them each day.
I think it's advantageous, not necessarily from an Adwords perspective, but for (as RhinoFish mentioned) Content Experiments. We've run many successful experiments - some with higher conversion rates, some with higher average transactions, no discernable difference in conversation/avt but a substantial one in bounce, etc etc etc.
My most recent test yielded no statistically significant difference in conversion rate (very slight decrease from the original), but an increase of 31.4% AVT and +32.4% value per visitor. Depending on your traffic mix, you can also break out data by new/returning users. I've found it to be invaluable, but YMMV. If your current solution does all this, it might be a moot point, but I've found it to be extremely helpful.
During mini-trends (like certain post-xmas buying), we see the CO move with the trend, chasing volume when it is converting, while we're drunk on rummed up egg nog. Top that!