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Kevin,
That’s a very good point. The actual conversion rate could be influenced by a million of factors, including the landing page, copy of the ad (to ensure that it attracts the right type of visitor), etc. On top of that, Yahoo! won’t be able to get the conversion data from most of the advertisers either – not everybody uses their conversion tracking.
Furthermore, this move has seemed to upset a lot of publishers, even the quality ones. That may result in them moving to AdSense and further hurting Yahoo’s traffic sources.
So far, the whole thing seems good in theory, but it’s not quite clear how it will work in reality.
Boris