I think there are other divisions just as big as content vs. search that should be separated out in an AdWords strategy. First, the device that you are targeting will cause a big difference in the results of your campaign. The motives behind a person using a mobile phone is very different from a person using a desktop computer. Targeting tablets separately will also allow for better targeting and results.
On top of network and device there are the different search engines and different methods of advertising – brand keywords, non-brand keywords, product listing ads, display, retargeting etc. None of the data from any of these different methods should be lumped together in the same report either.
These differences are enough to cause very complicated reporting. Each Engine/Network/Device/Method requires its own analysis if you want to look at each segment in context and be able to make changes that positively affect one without damaging another. Below is a stab at visualising what this looks like when each engine/network/device/method is separated out with its own macro conversions, micro conversions and targets.