You can also check Adwords keyword suggestion tool to see how much advertiser competition exist on a keyword.
I think more and more people do not look at what keywords offer what. They just simply go witha niche they are conmfortable with and create sites around that. I think that is the best approach.
No MFA, I already have some local sites with a very good G placement for general terms. However, still not much advertisers here, means not much money. For a 1 M impressions/month, I expect much more than now. On the other hand, adsense is allowed for this lang only 6 months before, so in the future I expect much more advertisers. Just wanted to find out what local companies advertise with AdWords.