Here is an article that contrasts the most expensive adsense words with the most profitable.
The most expensive keyword:
Selling Structured Settlements at $64.81 per click.
The most profitable:
insurance - CPC $17.41 and over $868,645 spent per day.
The conculsion: Go after words that have a high total spend, not the highest per click spend.
Source: http://seoblackhat.com/2006/05/25/most-profitable-adsense-keywords/
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