Depends how low you're talking, and on the search volume. If its a massively searched term, then you could probably get a reasonable number of clicks from the 2nd page ad positions. Of course its still up to your landing page / affiliate landing page to make the sale/lead once they click, but I believe you're asking more about CTR at low positions?
Nah it's not necessary to always be ad 1, and you can usually get some alright traffic in some of the other spots first page.
being at no. 1 can give you more traffic, and definately more conversions also the traffic at lower position is also good enough for convertion but the ration drops compared to the top position.. to ad to that being at lower postion you get better ROI.
does content network conversion suck early bad? cuase i was like at 4 page and at 0.3cpc and didnt got any clicks from it - only from content network, i got about 85 clicks and no purchase at click bank, althou i am talking about a product of 400 gravity that has realy high competioion so i guess i should go for a products at low competion with low price cpc,,any segestions?