Monitor Your Competitor's A/B & MV Tests

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If this works as advertised, it would be super useful for some companies. Anyone try this?
I've used a company here in NYC called Perpetually (now called Smarsh) who did exactly this and loved it. See: A similar tool to help you look at competitive display intelligence is Moat (think of it as "ad unit search"):
Agree with @rrhoover, if this works then it would be huge. Would be interested to know how proactive you have to be -- as in, do I just say "Monitor the Basecamp website." or do I have to set up very specific campaigns.
@johnmurch have you used this yet? BTW: (nice to see so many JFDI members here)
@mijustin Thanks :) - I started to test an example yesterday - will keep you posted