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I am inspired by the distinction of ATL vs. BTL, as well as this line –
“Do publishers know the value of their content yet? Yes -the value is whatever someone will pay for it. ”

On that front, i think the online ad industry will evolve towards the transparency and findability, Transparency means that everyone knows more or less what the “right” price is, both in general and the current context. Findability means that people can find easily exactly what they are looking for with minimum effort and false hoops.

For below the line stuff, 3 types of optimizations- 1) generic ad platfoms (Adbrite), optimization technologies like 2) Rubicon Project (for publishers) and 3) Revcube (for advertisers) have started moving the industry along these 2 lines.

For above the line stuff, that is where it becomes very tricky – because that is where you need human intervention to deduce the “fair price”, which is why all sorts of vertical ad networks have popped up, ranging from FMP to Glam. But heavy fragmentation, and the need for humans to assess/deals to be made eliminates the kind of findability and transparency that will allow publishers and advertisers to know the true value.

One quick thought is that instead of “search”, which means you use heavily constrained keywords with little sense of relation, the trend will be discoverability. How do we optimize the process of advertisers discover great publishers they never knew existed, and would have never been found?

As you said, there is still a very very long way to go! BTL can be optimized more or less with technology. ATL is a totally different ball game, and it will be interesting to see how the ecosystem seek to drive transparency and findability!