Probably wouldn't work to well either, unless your site was a high paying keyword, and you got clicks from interested people cheap.
AdSense arbitrage is most definitely allowed by Google. As long as you web site adheres to their landing page quality guidelines, you can use AdWords to drive visitors to it. If you site is truly and MFA site, then it is low quality and Google will ban you from AdSense if you try to drive visitors to it via advertising. Remember, AdSense Arbitrage does not mean MFA. They are often done by the same people, but it is possible to do AdSense Arbitrage in a perfectly legitimate way.
It seems that most people that try arbitrage fail at it. No. its definatley not the way to draw traffic to a content site.
Essentially you are paying to bring every visitor that way, but not all of them will click on your ads. In order to drive up click rate, you have to target the same keywords, which means it is unlikely you will have higher paying ads yourself. You do the math.
As far as I calculated buying adwords is only good for sites through which you sell something. For the content sites you only have to make good SEO and put good content in it cause it is google's most important job to dig for good content and offer it to everyopne for free. But for the sites on which you make money by selling goods and services it is wise to draw traffic through adwords. You can make a simple calculation. Content Site Approximate Example: Your average Daily Unique Visitors: 500 Your average Daily income: 5 usd Your average earnings on 1 visitor: 0.01 usd for this example if you can buy 1 unique visitor for under 0.01 usd through adwords then you can make a very little profit (buying one unique visitor under that price is nearly impossible) I must also say that my best day I earned 0,006 usd from a single visitor. So the above figures are really really very optimistic. so if you make good profit by selling a product or service through your site then adwords is your friend. If you are offering content for free through your site your only friend is adsense..