In that past, we knew that Google's AdSense served up PSA (Public Service Ads) for new pages and new domain names. Later on they assumed that a domain name, with new pages, should get ads that are relevant to the domain name. DigitalPoint is noticing that its a little different this time. In a thread named Mediapartners Determining Content In Realtime, DigitalPoint provides his log files for one of his blogs. He discovered that Google sends the Mediapartners spider in real time (almost), determine the content in real time (almost), then send the ads to you, in real time (almost). Shawn (DigitalPoint) explained to me that "they hold the HTTP connection open for about 1 second while they do that."
He goes on to explain that from a "technical standpoint (other than the resources required to do it in realtime)" it is not hard to do.