PPC, generally you only need little bits of info from the data feed anyway as the copy you get with google adwords is limited so thats only realy an issue if your making a site.
Term wise its up to you, obviously something like "Prauge" for example is going to get a lot of searches, but its also going to cost a lot. "Prauge hotels" still going to get a lot, probably cost a little bit less. Its about getting the balance right, yes "prauge hotels in june with no smoking rooms and a balcony" may be cheap as anything, but will your ad ever get shown?
You have to try a few things, weed keywords out that aren't converting, find out if its because the keyword cost against commission is why it isnt converting or if its because your ad copy, or the page your linking to on the merchants site isnt appropriate. Work with the merchant to find out if your ad copy is appropriate, and if the product your trying to sell is worth it at that time of year.
For example with Alpha i've seen ad copy with things in like "The cheapest flats" flats?! we dont do flats! Also if your doing PPC with us we can send keyword reports that basically show which search phrases have converted into your bookings. Sometimes useful.
If your using PPC to drive traffic to a landing page, thats all it needs to be so you dont need loads of detail. Its usually quite easy to pad pages out to fit in with Google guidelines.
The only time you really have to think about content is if you are wanting to build up a content site. In which case you will want the content to be unique, its fine to base the site around a feed but the more unique content you can add the better, and the more valuable the site to the customer. But this way is going to be a lot harder work as effectively you are trying to build up a brand from scratch and need to aquire visitors.
Also if your only just going to get started with affiliate programmes but already have the knowledge to do some PPC etc dont jump in with too many merchants to start with or it will be a nightmare to monitor. And keep an eye on everything!
Good luck!
