Jennifer Slegg, a famed name in the contextual advertising realm, wrote a great article on her website about how Google is disabling arbitrage accounts as of June 1.

She wrote...
Numerous AdSense publishers have been receiving emails from Google the past couple of days stating that their use of their AdSense account is an unsuitable business model and that accounts would be disabled as of June 1st, giving publishers about two weeks notice to prepare for the loss of the AdSense accounts... and since it seems that arbitrage publishers are the ones receiving this account disabled email, to give those publisher enough time to shut down accounts or use an alternative source for their outgoing traffic.

And good news is that Google will be paying out earnings to those publishers, so they do not need to worry that they will lose any income earned thus far.

And if you are not doing MFA or arbitrage? The bad news is that you too will be impacted, although not on an account disabling level. A secondary impact to this is that many of those doing arbitrage with AdWords will likely be pulling their AdWords campaigns unless they can find a suitable alternative to AdSense.

It will be interesting to see what happens as of June first. Will the Yahoo Publisher Network see a sudden influx of aribtrage publishers?