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I would work things a little differently. I looked over your examples regarding the shoes. Estimated search volume is very low, under 500 broad searches monthly on the most competitive of the three terms. Estimated CPC is at minimum $.05 across the board. Though the competition probably isn't very strong, and you could rank easily enough, there are better options.
I would seek something more like this out. Take the term "uninterruptible power supplies" for example. The .org & .net of the exact term are currently available, Google estimates around 40k monthly broad searches, and 3k exact searches. Estimated average CPC is $3.64. You should be able to take one of those domains, build a simple mini-site with a few well written informative articles, and rank for the term without much difficulty. I would suspect over $1/click there easily, where I'd personally be very surprised to see $1 clicks on those shoe terms, and Google's estimates seem to support my hunch. They are high priced items, but the volume just isn't there, no bidding competition involved with them.
This isn't the best example I could give, but it is a live example that could be taken and applied right now to an MFA model. Success with Adsense is all about your keyword research, being able to quickly identify profitable terms/niches, and being able to rank quickly and easily so as to allow you to move on to the next conquest. Even if each site you build only brings in $1/day, that starts adding up quickly, when you can build new sites frequently and effectively.
I suppose there's a bit of a science to it, but once you catch on to things it gets to be a pretty easy deal. You could chase after way higher paying terms, with far more competition, and make a lot of money if you're successful. I prefer to pick up the easy prey though. As stocktrader said, there's more than one way to skin a cat. This is just a method that I picked up a while back which has worked for many, and is still completely applicable...
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