As a publisher you don't have a choice. If an advertiser decides that they want to place CPM ads on your site, you will get paid by CPM. Otherwise its CPC.
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Hi there -- I think this AdSense blog post about CPM ads might be useful for you: http://adsense.blogspot.com/2006/03/cpm-ads-knowing-facts-can-pay-off.html -ASA
really? you know i never even noticed it was an image. i will have to see if i can select the text next time!
You don't have to have image ads selected. You also get paid CPM on text ads. I have not selected image ads and I get paid quite a bit on CPM.