These tools are a great start when creating a new campaign and the Keyword Tool can help you determine keyword variations and traffic. Once you have your keyword list, the Traffic Estimator will allow you to view estimated traffic, CPC, ad position, and the number of estimated clicks each keyword may get daily. By adjusting your Max CPC at the top of the tool, you can see how the stats will change to determine your optimal bidding strategy.

Adwords Traffic Estimator

The following image from PPC Hero provides an example of what the drop-down will look like:

The form will allow you to collect information on the visitor, including name, phone number, address, and up to 3 custom questions, all for the price of a click. However, this will only be available to the ad in the top position. PPC Hero was selected to test this feature and explains in detail how it works in this blog post.

There are pros and cons to this new feature.  On the plus side, it can simplify the conversion process. However, you may miss the opportunity to draw visitors in to your landing page and provide additional them with additional information that may lead them down the path to conversion.  And, users might be reluctant to offer up contact information such as their phone number so quickly.  This might also mean an increase in the bid needed to maintain the number one position. For more thoughts on the advantages and disadvantages from ROI Revolution on this new extension, read this article from BGAmedia.  This is only in beta right and the time this feature rolls out to all, there may be some changes so it will be interesting to watch and see the effect this new feature will have.