I must of missed this when this first came out but it looks like more rumors and buzz is starting up again on the topic of "AdWords Automator". Basically, this program will allow advertisers to feed its pages to AdWords, then AdWords will dynamically create and display AdWord ads based on the content of those page. There is a more detailed article on this at ClickZ named Google Tests New Keyword Tool released back on May 10, 2004.
So I did some searching based on the recent thread I found named Using Froogle To Generate AdWords Ads, which discusses this concept from the Froogle side of things. I found an other thread at WebmasterWorld named Google Ads Automator, which has several posts on this topic. In addition, I found a thread at Search Engine Watch forums that brings up this topic named Search Firms Fear Client Poaching and references an article at MediaPost.