I wonder if Google's business model, so heavily relying on targeted advertising, is really delivering its promise. Adwords, from a specific perspective, can be seen as the service that fuels the whole web 2.0 phenomenon, providing an easy revenue model based on advertising for every kind of online initiative: anybody can rely on a personal ad agency - kind of difficult in old-style publishing industries. It is not the only one, but it would be difficult to argue that, without Adwords, the blogosphere would be the same.
I wish I had the ability, dedication and time to write a detailed analysis on the subject.
All of a sudden, any analysis of the Adwords phenomenon becomes pointless. And I must admit, contrary to my previous belief, that Adwords work - at least in one way, even if it is probably not the one the advertisers would appreciate.