I want to get my hands wet in this method.. but would b glad to get some advice on this...
Does it really work?
Is the ROI good/bad/amazing/pathetic ?
Which search engine is best for this? live, yahoo or google
Do i NEED to cloak my aff link?
Wow. Your question is so simplistic, I don't think anyone even wants to try to answer it. There are TONS of factors involved in PPC and affiliate marketing, way too much to answer on one thread.
To get a real handle on PPC, especially Adwords / Affliate Marketing, is like becoming a scientist. It not easy at all, and if it were, more people would be doing it.
Read everything you can from Adwords itself about Adwords. Then, read Perry Marshall's material. You can find some of his vids of YouTube as well. I like this one
If you dont want to buy an ebook, there are plenty on here for free in the members download section, just do a search. Yes your question is impossible to answer do to its vagueness, yes there is a ton of money in adwords, have you not seen all the ads when you do google searches
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