About the same thing I saw. I kept having to increase my bid every day, and even at $4 CPC basically saw nothing converting.
As you said, it's also really hard to get visibility: metrics are poor, and targeting seems more like a whim/suggestion than anything else (their label for context hints basically tells you they only _might_ take your guidance on who they will show your ad to).
Audiences consists of hashed emails or phone numbers -- no targeting demographics, job titles, etc.
Overall it's just not there yet -- I paused my ads today.