Last night I saw only certain Key words appearing , and others were not. Its the campaign that makes the most money, is the one they will mess around with.
--jr
Because I can tell you from an AdSense perspective that 'coincidentally' since late March I'm getting a lot more traffic on the pages that pay less...
Which could indicate that with the rumored "Smart Pricing", Google is placing more of the lower bid Adwords ads on AdSense publisher pages-
And so if the total number AdSense publishers' impressions is substantially bigger than Google search results impressions, it would make sense that you'd get more impressions from lower bids.