Google released Adwords Website Optimizer, a free optimization Tool for AdWords Advertisers to get the most conversion out of their landing pages using sophisticated multivariate testing and existing Google Analytics tagging technology.
Adwords Website Optimizer – A Landing Page Optimization Tool from Google (Multivariate Testing Support) – test changes in the website content of your pages in order to determine what will be most effective in getting the highest possible conversions.
See the Flash Demo that provides an overview of what the tool can do for you and this flash demo to learn how to setup a test on a ficticious example.
Also provided a nice and handy calculator that helps you to determine how long the test should run to get optimal results. See the Test Duration Estimator.