Cutting edge advertisers are starting to realize that the game isnt’ just “buy ads on blogs” or “buy the blogosphere” but splicing your brand/service/ideas into specific networks of blogs, specific conversations, specific blogospheres.
Second, a very few advertisers are realizing that demographics are like coal in Newcastle… everybody’s got them: print, TV and online. That’s a noisy metric. The unique “new” thing about new media is the social context, the collaborative brainstorming that takes place, the peer references, and mutual respect within a particular group. Understand the hive and you’ll be way ahead of your competition both in terms of money spent and mind-penetration.