Since content of web applications is dynamically generated it would appear that AdSense is not going to produce relevant ads.
Is there a way to increase relevancy of the AdSense ads for the web application?
Is it possible to achieve Gmail-like ad functionality at all for third-party applications?
Is there a better ad provider for web apps than Google?
Sure it is possible to get relevant AdSense ads on dynamic pages. Only because we call some site "dynamic" (= we generate content on-the-fly), it doesn't mean it is not crawlable by AdSense. It all depends on how URLs on your site are constructed, and how you access pages.
Here's simpified sequence of how AdSense publishes ad on some page :
So to get relevant ad, you must make sure AdSense crawler gets the same URL that user opened, and this URL have to lead to the same content. It is possible as long as you avoid:
pages that use POST to send forms
Check this link from google support to read more about it.