WebmasterWorld moderator, eWhisper, started an excellent thread named Strategies for taking advantage of new AdWords system.
He discusses that since the new system does not have a disabled keywords restriction, you can bid on big name keyword phrases, with the sole purpose of just getting eye balls to look at the ad. Basically, he says that for new products, and building brand awareness towards those products, you can bid on popular keyword phrases and have an ad that basically is there to serve impressions.
In addition he shows how you can use various low CTR keywords that are used to target specific demographics (i.e. 'buy trucks online', 'psp hacks', 'cosmo quizzes') to serve up impressions and possible click through that might lead to sales and conversions. It is an easy way to reach your demographic, much in the same way as you would with "email/direct marketing/snail dm works."
The thread is currently discussing these ideas and hopefully will add more in the near future.