You and I see them every day, sites made for AdSense. Either they scrape content or some other form of content generation and stick up AdSense ads on them. ThreadWatch spotted a thread at WebmasterWorld named The beginning of the end for AS spam publishers..?, which discusses just this.
That thread summarizes a discussion by GoogleGuy on page 3 of the Questions for GoogleGuy discussion. GoogleGuy says straight out;
I hate spam pages that use AdSense.
Let's see how they prevent this in the upcoming summer.

Comments:
Cryptblade
06/02/2005 07:03 pm
correct me if I am wrong - but doesn't Google actually make money if and when these sites generate clicks? I highly question Google's heart in the matter. As the Emperor said to Vader in 'Jedi, "...I wonder if your feelings on this matter are clear..."
Barry Schwartz
06/02/2005 07:20 pm
GoogleGuy is really outside of the AdWords/AdSense division. So he is pretty much a pure natural search guy. So, him personally, I believe, wants to see those AdSense scrappers out of the index. Google as a company. I don't know.