While acknowledging the robust advertising recovery, Wall Street is looking for -- but not finding -- many signs of sustainable long-term growth in national and local broadcast television. This year's 5% rebound in total ad revenues to $155 billion is roughly equivalent to 2000 spending levels -- even though there are more media platforms.

The major disconnect between the explosive adoption of Apple's iPad by consumers and businesses, and the fumbled, reticent response from so many media and advertising players could quickly become a lost cause -- literally.

There's more to the new Google and Omnicom Group alliance than meets the eye. This formal collaboration in will have significant consumer privacy, mobile and social media implications -- areas in which both companies have seemed intent to push the envelope.

Media moguls at Allen & Co.'s annual summit appear chronically stumped about how to radically transform or purge their legacy assets, while effectively integrating new digital businesses.

Apple, Hulu and Google are intensifying the race for a share of the $65 billion in broadcast TV advertising gradually shifting to online and mobile. Duccess depends on grasping consumers' changing digital behaviors; so far, they've missed the mark.