How many actually go into their adwords accounts and work on their keyword targeting. I don't mean actually locating the keywords but actually adjusting the PPC number for each word individually or do you simply go with the standard pricing across the board?
Well, I usually check the conversion stats from time to time, and then make some changes if needed. This includes changing the max CPC if possible. I.e. in case of a good converting keyword you might want to consider raising the max bid price to possibly increase your total profits. You should keep track of these changes though as the higher ad position might as well attract more non-converting traffic - the trick is to find the optimal CPC in the 'CPC vs Profits curve'. (Tip: you might also want to move good converting and high traffic keywords (+ new variations) to their own new Adgroup, so you can add a laser-targeted ad copy to improve your CTR)
If an individual keyword is generating enough traffic to be optimised in isolation, then I will. There's no point if a keyword is getting a few clicks per week. In general, I use the Adgroup bid to set the level for the 'long tail' keywords within that Adgroup, as if the keywords are correctly grouped, they will usually have similar performance.