So I got an interesting email from Google. They have now added demographic targeting and are inviting people to try it out.
Google describes it like this:
Demographic bidding is a way to help your ads reach audiences of a certain age or gender. If you want your ads to be seen by women aged 18-24, or people over 55, demographic bidding can help.
Some publishers on the Google content network know certain individual details about their users Social networking sites, for instance, often ask users to identify themselves by age and gender. On sites that provide this type of information about their users, Google can display your AdWords ads to the groups that you prefer, or prevent your ads from displaying to groups you don’t want to reach.
See more at: https://services.google.com/demographicbidding/