CPM is more a measure of your advertising
Page impressions are completely related to traffic. It is the number of times the page you have your Adsense links on is viewed during a specific period in time. Obviously, the more times it is viewed, the higher your page impressions are. There are many ways to generate the traffic, either through traffic exchanges, reciprocal links, CPC campaigns and others.
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Click throughs are the actual clicks from your webpage or CPC (cost per click) ad campaign. This means a viewer actually clicked through your link to another site. These click throughs may or may not generate a sale for you, but you can receive revenue just for the click through. The click through rates are calculated by how many click throughs are generated vs. how many page impressions you have. You can increase this rate with key word selection.
CPM is more a measure of your advertising effectiveness. It doesn't matter if you have a million impressions, if no one clicks on your links, then you are losing potential earnings. You can help increase your CPM by being keyword specific and choosing the most popular keywords for your niche. You can view popular keyword searches at overture.com
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