I have finally been able to find an advertiser who set up a Google Pay Per Action text ad through the help of Search Engine Watch Forums. The ad should appear as the next phrase " " and it should look like a standard text link.
There was some controversy over the text link unit but that seemed to have died down now.
In the past we reported on PPA in use but not the text link ad unit. This is the first known example of a text link ad unit live, as far as I know.
Again, here is the text link unit in real time for you:
Don't forget to try to mouse over the ad and you should see "Ads by Google."
Forum discussion at Search Engine Watch Forums.