Darren Rowse has an interesting article on one adsense user’s experience with Multiple AdSense Accounts, never mind that I thought multiple accounts were against the TOS.

It’s interesting, though, that your hobby site with low CTR can negatively impact on your optimised site with high CTR. Either the click is worth something, or it’s not?!!

There’s a discussion thread at DigitalPoint on this and I suspect some people are going to be very disenchanted. As for Smart Pricing – that was new to me but you can find out more. I did find this:

Maximum cost-per-click – The maximum cost-per-click (CPC) an advertiser is willing to pay. Our Discounter automatically reduces this amount so that the actual CPC the advertiser is charged is just one cent more than the minimum necessary to keep his/her ad’s position on the page.

but this doesn’t say anything about one site affecting another.

I’ll keep checking, but right now I have a daughter and homework to oversee

see also: One poorly converting site can “smart price” an entire AdSense account