Google is apparently launching a CPA network product called Content Referral.  It’s been immediately seen as a potential serious competitive threat for Valueclick’s Commission Junction, and others see it as the latest Adsense-related experiment that may or may not payoff.

It will be interesting to watch because according to their invite email Google is relaxing Adsense rules and allowing publishers to use the links in the form of personal recommendations.

It could be valuable for Google because it will be another service and ad type to offer publishers, but it also opens up a can of worms that Google will have to handle.  Will it kill Commission Junction or other affiliate networks?  Not if they still provide value to publishers and advertisers it won’t.