I am also seeing strange results like estimated daily clicks decreasing as 
a result of increasing the max bid! 

Could these problems be caused by me doing these queries on a new test 
AdWords account and not a production one? (as I understand it, the bid 
estimator returns account specific results...)

One more question: if I am getting estimates for 3 keywords within the same 
adgroup, why does setting max CPC £1 for each keyword estimate return 
different results to setting max CPC £1 on the adgroup estimate (and not 
setting it on the keywords)? Surely these two queries should give the same 
results, since the keywords should inherit their parent adgroup's max CPC?

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