how do url channels work? Do I just make it and it auto tracks it without me having to change any adsense code? For regular channels, I would have to replace the code for it to track.
You are correct - URL channels use the url as the tracking mechanism while custom channels use the channel ID for tracking. Right now I mostly use URL channels - they are simpler to manage. I still do use custom channels for testing purposes.
YEP - Set it and forget it! The only drawback is if you have more than one ad on a page, and you want to compare each are doing - you cant do that with URL channels..
url channels are way better to track your adsense income.. and, can you use both channels to track more than one ads in a single page ??