On a constant lookout to find out what keywords your competitors are bidding on at Google? GoogeSpy is a new, free, web-based tool that aims to help.
From the launch press release, the tool apparently scrapes 500,000 search results per day from Google and loads them into the GoogSpy.com database. The database is currently tracking more than 187,000 search terms.
Using GoogSpy is easy and results pages contain plenty of interesting info. For example, a search for "Ford Motor" offers a results page with two choices, either Ford Motor Company or Ford Motor Credit. After clicking Ford Motor Company, the results page shows that Info.com and FordDirect.com have purchased the term.
Here's another example. A search for my name shows that Amazon.com and Clusty have purchased my name. The results page also shows "other terms" these companies use and a list of the top organic results for the search term along with the pages PageRank.
Have fun and don't stay up too late! And check it out fast. With a logo similar to Google's, it wouldn't be surprising if the GooglePlex sends a cease-and-desist order around.
Aside from that, if the tool is really scraping data rather than gathering it through an API system, then it probably violates Google's terms of service and may find itself blocked.
Postscript: GoogSpy has updated their numbers. The service is now tracking 486,366 keywords or more than 5.6 million earch results.