I was expecting this to happen. I was wondering why Google is not so aggressive when it comes to adsense on mobile. And at some time I thought they might be looking for acquisition of an established mobile advertising company rather than investing their time and money into building there own mobile advertising platform. And finally it happened.
This means a lot to advertiser and publisher. Being an iPhone developer I will be watching this development closely.
Apple needs to be worried about this acquisition. Apple, so far has no data as far app usage on iPhone is concerned. Google will tremendously benefit from the stats they will gather and eventually use them to make strategic decisions about Android Platform. Since mobile is the future this acquisition makes Google a little more powerful.
Update: Its interesting news that Apple tried to buy AdMob. Of course they should have bought it, it makes a lot of sense for Apple to own AdMob. Nevertheless expect a new framework from Apple that will help developers to include ads in iPhone.



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