Target vs Mass

I'm wondering what the general opinion is on highly targeting with significantly higher CPC's, vs doing little targeting but much lower CPC.

 

Bidding on untargeted keywords is a complete waste of cash. Don't do it, as you'll only lose your money.

 

untargeted traffic at .01 per click is never as good as traffic as $10 per click

 

I never managed to get really cheap traffic (1 cent) but I also think targeted traffic is better than mass untargeted.
I think it also depends on the purpose of the traffic - adsense may work with mass traffic, but digital products will be hard to sale if your traffic is untargeted.
hope that helps.