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Here we go. The beta tester welcome letter from Google, advised me that I had two choices, if I wanted to use this new feature. (1) Create a new content network /site-targeted campaign from scratch or (2) Edit an existing content network/site target campaign.

We decided to that we would take one of our current content network only campaigns and duplicate it for the purpose of this test. The results should provide us with an analysis between two identical content only campaigns, one using CPM (Clicks per thousand impressions) and one using CPC (cost per click(based on our bid price)).Read  the details of the CPC  content  test

1. When conducting a “site-targeted” campaign in the content network, there is the process of choosing the websites in which you would like for your ads to appear, to our disappointment, this selection process has not been changed. The current process has several options but we have found that this process requires a lot of manual review of the websites (design, on site search quality,etc). Anyway, thats another topic. We did find a few new keywords during this process.We decided to take this opportunity to test those new keywords.
2. We selected a handful of sites across various impression ranges. A nice add to this page would be the traffic estimator since the available website statistics are already limited to only a range of impressions.
3. Next we were asked to choose CPM or CPC. We selected CPC.
4. The remainder of the functionality seems to be consistent with whats currently available. One other thing we noted was the the “Edit Campaign Settings” in this new type of campaign does not allow any Network selection changes (e.g. including the campaign in the search network).

Check back here in a day or so for the results of the test.