Time was, back in the early days of PPC advertising, that the Content Network never really got you the same results as “regular” PPC ads. Well, as with all things on the Internet, times have changed.
The Content Network is Google’s version of placing text ads next to content which Google deems to be relevant to the ad text. The following screen shot, while obviously old, is a good illustration of what Google’s content network does. In this case, it is putting Hummer Ads next to a New York Times article about Hummers. (I told you it was old – Hummers are no longer even sold!

The criticism that used to be leveled against the Content Network was that it violates the very essence of PPC because the ad is placed next to relevant content, and not in response to a query. Thus, the ad appears less relevant than regular PPC. I think this criticism is still valid, and unless the content is very relevant, and you are getting a lower CPC than regular search, the ads probably will be less cost effective. Fortunately, lower CPC’s and increasing the relevance of the placement is just what Google has done over the years.
Today, the Content Network is typically just as cost effective as regular PPC and in many cases even more so. The only way to find out is to start broad; using both regular PPC and the content network, and then let the data tell you where to cut back until you find what works for you.

Comments
Content Network also allows local publishers (magazines, newspapers, blogs, etc.) to find local advertisers which makes the entire experience more relevant. Here is an example: The Colorado Springs Gazette wrote about article about the Southeast YMCA closing (a shame). Wouldn't an advertiser that's focused on attracting local, healthy adults love to grab up this ad space? Another gym? A spa? Health food store? Kickboxing classes? Take a look: http://www.gazette.com/news/ymca-109328-southeast-peak.html
Seems like a good opportunity to me.
Nice post.
Dan