I actually searched the web and found an article posted in 2007 (albeit this is old news) about Keyword Flipping because I became curious why even Dani haven't heard of it (I consider her quite knowledgeable in SEO based on her/their job in making Daniweb to be nicely indexed by Google).
The conclusion is that "Keyword Flipping is a quick & easy way to find out & isolate your highest performing & highest traffic keywords then refine them further without wasting time optimising keywords that won’t perform."
Here's the link w ww(dot)earners blog(dot)com/adwords-keyword-flipping/
I suppose this might help a bit, but I'll try and look for more just so I learn something "New" (for me, at least...)
Keyword Flipping is perfect for Affiliate Marketers and also people running Multiple PPC campaigns at once. It allows you to set up Campaigns quicker, analyze your results quicker then make the necessary optimization tweaks to increase your CTR once you know what’s already working.
In case of keyword flipping we choose the keywords related to our targeted one like if we are using software development then we have to target cheap software development, affordable software development, cost effective software development etc
RickyChhajed is right i study about keyword flipping.It mainly use for PPC.Keyword Flipping basically allows you to test lots of targeted keywords at once then pick the initial performers out & create a more targeted adgroup. Thus further increasing the CTR & reducing the cost we pay per click.