If you set up ad syndication you can bid separately on content ads. Bid whatever you determine to be fair market value for the Google AdWords distribution and then bid a separate lower value for content ads.  

Some people like to use different campaigns or ad groups for content and search ads so it is easier to track the R.O.I. Some terms convert far better on search than content, and if these stats are blended it may be harder to notice the trends at a quick glance.

On some occasions it may make sense to make content only ads if you are trying to increase branding without spending a significant amount of money. Content ads are generally clicked on at a much lower rate than search ads.

In some rare cases content ads are worth more than search ads, but in most cases there is not as much implied buying demand when a person reads an article about a subject as when they are actively searching about that topic.  

With your content ads you may also want to try using image ads to lock out competition from being able to advertise against you. Some of the terms that were disabled from search distribution due to low click price and low relevancy still may appear in the content network.

Syndicated ads do not appear on partner sites until they are approved by an editor. Many of my ads have appeared on Google.com prior to editorial review.



How Google Determines AdSense Relevancy:
Google reads the content of AdSense publisher webpages to determine what their pages are about. When attempting to match ads with those pages Google considers:  

•    Not a single keyword, but the entire keyword list associated with an ad group.

•    Adgroup creatives are also used to help understand what ads to display.

•    Max PPC and clickthrough rate also play into the order of the ads displayed.
•    You want to use well themed keyword adgroups to help ensure your ads are delivered properly. Including generic words like laptop can make it harder for Google to understand what your adgroup is trying to
sell.
•    Using appropriate campaign negative keywords can also help further target your ads.
•    Google offers effective contextual advertising tips in this free 9 minute video.