Here are a couple of articles.
http://frankschilling.typepad.com/my..._sparkle_.html http://blog.domaintools.com/2007/03/...pros-and-cons/
If you are unfamiliar with Frank Schilling, he is considered a "guru" by many, perhaps even a god to some, and many take each word he says as gospel.
Personally, I take it all in stride and with a grain of salt. If Frank didn't make his money that way then he doesn't like it.
The gist of Arbitrage is redirecting you Google Adwords to another domain that would pay more than the $2.00 per click but can be ultimately very costly on the front end. Yes, supposedly you can make money, but as the article points out is spending $2mil worth making $2.2Mil?
Just like the stock market and mutual funds, HIGH RISK = HIGH YIELD/HIGH LOSES.
Still some interesting points raised on both sides of the coin and worthwhile reading.