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From the GoogleMeister, Markus

Google has just launched a new beta that allows targeting of image ads by site. Basically you pick what sites on the google content network you want your ads to run on.

For example you could run your ads on plentyoffish.com and on news paper sites like suntimes.com it doesn’t matter if the sites you are advertising are related to your content or not.

There are tens of billions of pageviews a day that can be bought for a company that has enough money.

I believe that major brands will get into this in a big way because of the branding aspect, it is far cheaper to reach a million people online then it is to reach them via TV.

To enable Targetting by site in your Google Adwords account do the following. Login Click on My Account Click on User Preferences scroll down to Campaign Types [edit] and click edit. Click on Enable site-targeted campaigns

Once you have saved the next time you create a campaign you are given the option of making it a site targetted campaign.

Thanks Markus.