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I might have been guilty of saying the same thing but make no mistake...placement targeting just like its cousin, keyword targeting cost money. To me, any free method is cheaper than paying for PPC so the statement gets thrown out right away.
While placement targeting may get you cheaper clicks than hugely popular keyword targeting campaigns, great care must be taken to make sure your campaigns are set up right and that you are effectively targeting your audience.
There is nothing that says that you will set up a placement targeting campaign today and you won't lose money.
However if you follow Steve's Ad Infiltration method down to the T, there is no way you can lose. With proper implementation and testing you will pay less and reap great ROI.
To ensure that you don't make a huge, costly mistake on placement targeting, its highly recommended that you get a copy of Ad Infiltration and don't start a campaign without it.