Personally I think it is a fantastic idea from an advertisers point of view and we are the ones that actually control where our advertiser dollars are spent.
I do use Adwords, but I do not advertise on content sites (IE: no adsense) I tried it for 2 weeks and it sucked up 4 times as much as adwords with almost no sales. My conversion rate was about twice the cost of my product! There is no doubt in my mind that click fraud is a serious issue. I also see instances of it in adwords google, but not even close to as bad as content sites. In adwords I have to worry about spiteful competitors and when you are at the top of the pile they tend to aim for you. I think that pay for results will fix those problems.
I also think that it will be good for the content site. A site might want to carry my ads, but since I do not advertise in the content network they cannot. They are missing out in having a good choice of advertisers. More and more advertisers are pulling out of the content network. And with clickfraud becoming more of a problem every day, the ppc networks are going to be faced with finding a change that will work and prevent multi-million dollar lawsuits!
Count me in the moment it goes live