According to the official Google Adwords Blog, due to changes in options of targeted site campaigns, the name has been modified to be more precise what the service is offering. New name is placement targeting. What is more important is that Google introduced new CPC bidding option, which means that CPM advertising system on targeted sites is not the only option available anymore.
All I can say is: Finally! One more praiseworthy change that will give advertisers the possibility to better and efficiently control their spending and targeted advertising.