Pros and cons of using Google AdWords as an ad manager for a website

What are good and bad sides of telling the advertisers to use Google Adwords to place an ad on our website? (instead of setting up our own Advertisement Department and dealing with every advertiser on our own)

It seems to be a good option to me. Google takes care about everything and we just get paid.

Example of such action:
http://www.killerstartups.com/advertise/

On the bad side:

1. You are forcing people to sign up for Google ad words if they don't already have an account.
2. You are directing people to a site that will happily sell advertising to these people on sites other than your own.
3. Google gets a cut of the add fees, reducing your share.
4. Every impediment you place between your customer and the desired outcome reduces the number of customers who complete the action.
5. You loose control over what ads are shown and how often they are run.

On the plus side:

1. You don't have to build and manage advertising code for your web site.