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My perception is that Google Adsense has signed up everybody and thier uncle. So, since everybody is signed up they have effectively comoditized the publishers diluting the bids not to mention the so called smart pricing. Moreover, many advertisers will not advertise on the publisher network due to fear of fraud. Many of my direct advertisers indicate that they would not mind advertising on the publisher network if they could pick where thier ads go (nice sites etc...) vs the scrapper and other site. Don't read my comments as an absolute as there are many folks making good $$ from Adsense.
But, like I said just a theory...
[edited by: Edge at 3:58 pm (utc) on Dec. 1, 2006]