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A couple of months ago Google released a video on youtube in which its chief economist explains in the best way I have seen how Google adwords bidding system (ad quality, adRank, offered bid, paid cpc).
Here is the video.

Have you ever wanted to test your Adwords ads without affecting your CTR?

Or in case you are targeting based on geography and wanted to check what was actually showing several thousands kilometers away from where you were?

Well, Google Adwords has an Ad Preview Tool that will let you test these and more!

So far the only thing I guess you can not actually test instantly is hourly targeting. Nevertheless it’s a great tool.