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Testing ad variations in real time isn't a huge problem. My solution (which is a bit of a nasty hack) that I use on my testing sites is to run an analysis script as a cron job, which basically tracks the clicks and sales for that hour/ day etc and then swaps the ad through a rotation. If you're using dynamically generated ads then you could swap the ad components around (eg. make changes to headlines, copy etc and then try them on different templates) and then at the end of the day you can print out a nice page of results.
Once again the scripting itself isn't that difficult, but if you have a lot of these tests running at once then you're looking at high server load. I find it best to test when I'm first starting to promote a new niche or sponsor and then leave it with the same ad for a while. I send all my traffic for a given niche into the same mousetrap which makes things easier.
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