I disagree with most of you all. The CPC is not directly related to how good your content is. Good content is useful for rankings, linkbuilding, contextual ad matching etc. But it all depends on how much advertisers are spending in the niche you are targeting (and you need a contextual match of course). This is what the first guys in this topic said. Except for smart pricing, but afaik that only applies to the quality of your traffic and not directly the quality of your content.