Google occasionally publishes the list of top-expensive Adsense keywords. Nevertheless, could the high-CPC-phrases be most profitable? Not at all. We need to know not only the cost-per-click, but also clicks number made per month.
This is the list of keywords paid by Adwords advertisers more than $1,000,000/month:
The CPC isn’t highest, but extensive traffic makes the advertiser expenses (and Adsense-webmaster profits) very high.
What about the most expensive keywords than? Here is the keywords statistics of 2008:

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