You have both options.

If the account is somehow linked in to your MCC then you authenticate
with the MCC login/password and pass the clientEmail or customerId in
the soap headers of the account you want to access.

If you use the login/password of the account to get your
authentication token, then you can access the account directly (no MCC
link needed). Don't set clientEmail or customerId in the soap headers
in that case.

Btw: something similar is possible in V13.

We prefer using MCCs as it saves you a bunch of quotas when running
MCC wide reports compared to running account specific reports. It also
avoids the hazzle of some user accidentially changing the account
login password.

Cheers

-- 
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Have you migrated to v200909 yet?
The v13 sunset is on April 22, 2010.

Also find us on our blog and discussion group:
http://adwordsapi.blogspot.com
http://groups.google.com/group/adwords-api
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