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A major problem for AdMob will be its size. Getting an ad network up and running is a monumental task.
Take Chitika as an example. Chitika is too small to have the necessary power to impose conditions to the advertisers. As a result, in addition to the already very intransparent auditing process, they took highly questionable steps to lower CTR. Bloggers aren't too amused about this, and many have already decided to dump Chitika again in favor of the more traditional ad networks (Google, Y!).
Don't take me wrong, I wish AdMob best of luck in pursuing their ventures. It's just not going to be easy.
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