After reading this thread, I am not sure everyone is speaking the same language here. Seems that Philip is drilling down into the log files that most any web site keeps. Is that a problem? The logs are freely acknowledged. All the data is there about you. Conversely, is it possible to track my cereal preference and customise an offer for me? Probably. Just compare the supermarket register file with my debit card.
All that is being mentioned is a way to more closely target specific niches. If you know (from your log file) a few people type a very specific search term related to a product you sell, then you would probably build one or more pages related to that search term.
In fact I would only semi customise the information I used to target the customer. I would prepare some faq files, 3 or 4 versions, that cover the most requested areas. I'd decide which one to send people based on the information I knew about them.