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I think this is an understatement, if it gets certified it should be fascinating :-). When Blekko crawls the web when we find hundreds or thousands of different web sites using the same AdSense ID its a pretty good sign that the content will not be useful.
Chuck, the problem--and IMO it's legit--is that Google allows you sign up, you earn some money and then for no explained reason you lose all of it as they close they your account. Now Google could screen all sites first (not likely) or pay the money earned till banning day. Sure it's written on the TOS, but doesn't seem fair and maybe it's illegal.
Oh I totally agree, there is an onus on them to be more transparent about what they are doing. The scale is what I find amazing. I don't doubt that clever spammers will sign up a couple of million AdSense accounts over a weekend, and try to pull some click fraud pennies out of them. It is just too tempting a target for "free" money. If you recall there was an event where Google would deposit a small amount of money in an account, and you had to verify the amount to "prove" you owned the account, and some smart chap started creating thousands of bank accounts and accounts and when the pennies got deposited withdrawing them and closing the accounts. I believe it was Brad Templeton who said "Give me a way to steal a penny over the Internet and I'll show you how to make money fast."
That is the challenge I see Google facing, on the one hand AdSense is a thing, on the other its prone to fraud.