Gmail PPC tactics

What do you think of the Gmail/Google Mail grab above and the PPC ad / sponsored link it shows?

I think the ad is trying to pass itself off as part of the Gmail interface... as an email itself. If so then I'm surprised it's allowed. In fact, given that the premise of the ad text is a lie, I wouldn't be surprised if Google pulls it.

We'll see this sort of thing more often as Gadget Ads start to take off.