Effects of IPTV on Internet Ad Spending

This just came to me today while watching CNBC, where an analyst from Pacific Crest Securities spoke about businesses increased ad spend on internet ads as a proportion of total spending. He mentioned the fact that since the internet enables targeted, focused, and measurable (etc.) advertising it is increasingly more attractive than traditional television advertising. One question here comes to mind though is how, if at all, will the increased deployment and subsequent customer adoption of IP based TV systems will affect businesses decision to increases internet advertising spending. Conceptually there is no reason why advertisers could not acheive the same levels of focus and measurability with IPTV as they could with internet spending, especially so with what will likely end up resembling ala' carte programming in the next few years.

I'll have to do a little reserach, but it is an interesting question, especially given the relatively lofty valuations the titans of internet advertising (google, yahoo, doubleclick, etc.) have reached.