at Webgains we do not display the search term in the referring url, which is commercially sensitive info as you point out. We do however report that the referring url was the search engine, so they can see which engine was used. Similarly, we report the referring url of all affiliate pages that generate converting clicks. This helps merchants understand where their traffic comes from and help those affiliates who don't convert as well. It also helps us as account managers understand you better as we can see your traffic and suggest relevant programs for you to consider. For this reason, you may want to rethink about masking your links - but your keywords are safe eitherway.
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but just in case, I would like to mitigate the temptation to subvert my campaigns.
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