Adsense Arbitrage is not a "bad" thing that will get you banned from Google Adsense. On the other hand, building crappy websites, such as the MFA (Made For Adsense sites), and sending traffic from a Google Adwords account to those sites is not recommended anymore. A logical thought is that Google will never index those sites and will let the advertiser pay high CPC in case of arbitrage. Will this cost you your Adsense account? That's up to Google to decide....
