AdSense for Domains Long Term

So I’ve started playing around with AdSense for Domains (I know, soooo December 2008).

My first thought is that we finally have a reputable and stable company to manage parked pages (Name Media/Revenue Direct have been unorganized at best).  It’s a great move on Google’s behalf since they’re cutting out the middlemen and arbitrage.  Then it hit me… why would Google want to serve any page they know is simply a parked page?  If I register these domains with Google, what motivation would they have to serve it?  It would be the definition of 100% arbitrage, so why not remove it from their search results?

I looked online for some performance numbers and it seems like people are still performing on-page and off-page SEO and having some success.

I’m curious if anyone shares these concerns.