As someone who was heavily involved in introducing the theory of CPM (Cost Per Thousand Impressions) to Japanese ad agencies, I've been spending a lot of time recently thinking about what comes next after Google AdSense. Ross tried CPI (Cost Per Influence), trying to come up with an index that included the influence of the blogger or site where the ad was placed. This reminded me of the "branding value" or cluster value argument. Also, the idea would be that an influential blog would trigger a word of mouth diffusion. Anyway, inspired by Ross, John Batelle came up with a really cool idea. He writes about sell side ads where bloggers could copy ads that they saw into their blogs if they liked them. The ads would have information about what sorts of sites they could be posted on and other instructions. They would "phone home" to the advertiser who would pay the blogger for the impressions or clickthrus or whatever. The idea is that it would be viral and publisher driven, rather than advertiser driven. It would be set up so that the advertiser could track which site a blogger copied the ad from so that that they could track the diffusion pattern as well.
Anyway, awesome idea. Lets build it!