Love seeing Google try to spin this as a feature upgrade, but let's be honest - the "content inclusions and exclusions" they're bragging about for Demand Gen are a pale imitation of what GDN actually offered. topics, placements, keywords? Sure, they exist, but the granularity is f*cked. You can't exclude individual placements the way you used to, and keyword targeting is so broad it's practically useless for niche audiences.
The feature parity table in that doc is just a highlight reel. Missing from the table: the fact that Demand Gen's audience signals are a black box compared to GDN's detailed layered targeting. Google's merging two products into one, but the result is a lowest-common-denominator experience that pads their revenue more than it helps advertisers control spend.
If you're running mature accounts with tight ROAS targets, this merge is a downgrade dressed up in a help centre link. Let me know if you've actually seen a case where Demand Gen outperformed GDN on a non-brand campaign - I'm still waiting.