It has the potential to drastically alter search, which thus would drastically alter PPC. The likeliest negative outcome is the gradual disappearance of any traffic driven from long-tail search keywords.
I did quite a few perception mapping exercises while I was in business school.* They get really interesting when you take experiment a level deeper and seek to understand how different customer segments perceive your brand/product.
For example, the beer study would get much more interesting if one could assess the results by segment - say "beer expert", "college student", "joe blue collar", etc. The outcomes can really inform positioning and message...and can lead to product extensions based purely around marketing. Diet Coke (for women) and Coke Zero (for me) are a great example.
*Yes - I have an MBA from UNC Chapel Hill. Please flame as necessary. :)