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I'm currently seeing EXTREME failures, even on branded terms. It optimizes for CTR rather than Conversion Rate. Or at least that's what I've seen. I don't understand the rational behind it. I would suggest testing it on a lesser converting campaign but one still with more than 15 conversions/mo. I agree that lower-volume terms & conversion optimizer don't work well together. I'd suggest instead coming up with a bid management strategy to execute for some of the mid volume keywords and managing them on a more individual level. When you get the account strategists, on a completely unrelated topic, you should ask for a list of betas that your account qualifies for! I'm sure you already do that, but they aren't much good at anything else.