From the Google Mobile Ads post:
The net result of all this is that if you're an app developer, AdMob is your solution for monetizing, measuring, and promoting your mobile apps. If you're a mobile web publisher, AdSense can help you monetize your mobile web content, and you can get started here. (If you're an AdMob advertiser who wants to reach users on WAP mobile devices, AdWords can help you reach hundreds of millions of users across the Google Display Network.
Making the market clear for everyone involved, and putting out a simple message is a smart move on Google's part - with any number of choices to monetise content and apps making it black and white simple for people investigating their options should help boost retention for the Google Ad team.
-- Ewan Spence, Sept 2011.