Google announced today that in the coming months, they will be updating the AdWords conversion tracking metrics in the new AdWords interface, and other account management platforms like AdWords Editor and the AdWords API.
The updating has already begun. Now "conversions" columns are labled Conversions (1-per-click), while "transactions" columns are called Conversions (many-per-click). 1-per-click means if one click leads to multiple conversions, it's counted only once, but many-per-click means each conversion counts each conversion that occurs after a click. Emel Mutlu of the Inside AdWords Crew explains:
Here's an example to explain the difference: Let's say you're selling gardening supplies online and you've set up conversion tracking on your "Thank You For Your Purchase" and your "Newsletter Subscription Confirmed" pages.
If a customer clicks on your ad, buys a bag of peat moss, then subscribes to your newsletter, you'll see two many-per-click conversions, but just a single 1-per-click conversion in your account. If the same customer returns to your site a few days later and buys a trowel (but doesn't click on one of your AdWords ads to get there), you'll now see three many-per-click conversions, but your 1-per-click conversions will still remain at one.

More information can be obtained at the Help Center. The metrics will be introduced into AdWords Editor, the AdWords API, and the new AdWords interface over time. Google says they'll also improve conversion tracking for display advertisers through the release of view-through conversion tracking.
In other AdWords news, TechCrunch is reporting that Jeremy "Shoemoney" Schoemaker is suing a Google employee for AdWords ToS violations.
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Hopefully the addition of
Hopefully the addition of many-per-click conversion to the adwords conversion tracking metrics can better aid advertisers, especially for those who don't have Google Analytics setup.
Thanks for the update, Chris.