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Olivier Travers has some gripes with AdWords/AdSense.
From the outside, it looks as if Google doesn't really care too much about AdSense (when it's so easy to monetize search traffic). What strikes me as especially weird is that they insist on doing their own content/ad matching (which certainly doesn't represent the pinnacle of targetting precision); only "premium" partners (like Findory) seem to get the opportunity to feed Google what they think are interesting topics for ads for a given visitor (see google_kw/[create google_hints]).
In any case, there are lots of chances left for alternate ad networks, which makes it all the more curious how long both Yahoo! and Microsoft take to ready their services for an international (or even non-beta) market.
Related reading (in German): smi's excellent run-down why there's the need for an eurocentric BlogAds-like network.
More related reading: Greg Linden, When AdSense goes bad.
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