You do have to chuckle, though:
They've been pushing really hard for me to put AdSense on Blogdex, presumedly because it has high PageRank.
No, they want the site because they think it's popular among people visiting it. PageRank is just how popular the site is in terms of links pointing at it. If they only wanted high PageRank sites, Google would just go out and make whatever sites they want to have high PageRank scores. That wouldn't mean people are visiting them, though.
There's also some confusion between a pitch to carry Google AdSense ads -- ads that actually appear on the site -- and the new Google Referral program that pays for leads to others who are willing to carry the ads.
Anyway, some fun reading of the actual letters Google is sending out, along with a marketing PowerPoint presentation that's heavy on the "we want bloggers" pitch.
You gotta feel a little sorry for Google. As Anil points out, first Google took flak for not letting bloggers into AdSense. Now they get flak for going after them.