What you say about LONG TAIL is true - however the approach to take advantage of this long tail traffic is NOT the way to go.
Think about it - if YOU want to get ALL the long tail traffic you can - including the LONGEST of the long tail keywords - what you need to do is bid with BROAD MATCH.
If you do this YOUR STATS will then reveal the exact SEARCH QUERIES that converted into sales and you would NOT miss any of those long queries because broad match serves up the most variations and will bring you the most traffic.
This approach does require more effort - and most people just won't bother - and that leaves a great opportunity
EXACT and PHRASE MATCH limit the possibilities that you will get that traffic - BROAD makes sure you will get it! Watching your conversion stats will make sure you ICLUDE those new found long tail phrases.
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Long Tail Keywords is slowly
Long Tail Keywords is slowly hitting the paid side of search. Now does this mean there will be a higher conversion?