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Yesterday Google announced a new tool for Adwords Advertisers. The Google Website Optimizer tool will (once officially released) allow advertisers to perform multivariate testing (test page components and variables against each other) on landing pages and report which pages and content are producing the best results - the highest ROI (return on investment). The potential benefits that can be attained for those engaged in online advertising goes well beyond Google alone however. Advertisers could take the results/lessons they learn and apply it to campaigns at various online advertising outlets).

How Does Website Optimizer Work?
Via Google: Website Optimizer works by testing different versions of the content on your live site to see what will lead to the highest conversion rates. You provide us with the original content of your site and the different variations of that you'd like to try out. We run an experiment on a portion of your site traffic using those variations, to see the effect of each variation on your conversion rate. When we've collected sufficient data, we'll provide you with a full report of our findings that can help you determine what changes to make to your site.

Advertisers must have an active Adwords and Google Analytics account to participate, but you'll still have to sign up to participate in the beta-test. A demo is available, as well as documentation and a sample report.