Yes there is. AdWords will happily accept ads for adult, gambling etc whereas AdSense won't allow publishers to have that sort of content. Two-faced you could call it.
so if they are not allowing such content for publishers then where these ads are publised? only in search results?
You can get risque AdSense ads on things like dating and racing sites. Sites which are related to the forbidden content, but don't actually cross the boundary them self.
read the guidelines instead of talking nonsense...some people might believe you know what are you talking about....but you are not