Query Performance, Retrieve budget suggestions, create graphical ads by using enhanced features and that too with brilliance, Quality Score support, and more.

• New geotargeting options: Target multiple geographic levels (countries, regions, metro areas, and cities) within a single campaign, target specific regions of multiple countries in a single campaign, and setup negative targeting for specific regions (for example, target the United States with the exception of Alaska)
• New reports: Generate Search Query Performance and Geographic Performance reports using ReportService and DefinedReportJob
• Mobile image ads: Use the new MobileImageAd ad type to create graphical advertisements for the mobile content network.
• Suggested campaign budgets: Retrieve budget suggestions for your campaigns with getRecommendedBudgetList.
• Active campaigns and ad groups: Want to retrieve only your active campaigns and ad groups? Now you can, using getActiveAdWordsCampaigns and getActiveAdGroups.
• Quality-based bid and Quality Score support: We've added two new Keyword fields
• firstPageCpc {first page bid estimate}
• qualityScore (Quality Score of the keyword)

- Official Adwords Blog

Discussion continues at Google Groups and WebmasterWorld.

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