"When you work at a huge media company, you spend most of the day protecting what you've got, and the other part talking about how to move forward," said Jonathan Miller, former CEO of AOL, who has since launched, Velocity Interactive Group, a VC firm dedicated to helping new media firms grow.

What does "video" mean to two of Hollywood's biggest online video players? Well, according to Velocity's Ross Levinsohn, it's about giving users the same of lean back, "passive" media experience that television has dominated for 50 years. The big difference said his partner, Jonathan Miller, is where that content will be coming from.

OMMA moderator and Media X columnist Jack Feuer strode to the stage in preparation for his conversation with Velocity’s dynamic duo of Ross Levinsohn and Jonathan Miller, and surveyed the audience on how many parked their car this morning at the conference hotel, the Hollywood Renaissance. “29 a day. Isn’t that amazing. That’s like what. 15 shares of Bear Stearns,” Feuer quipped.

March Madness indeed. Sports fans will think they just died and went to digital heaven... even 8th-tier teams will get a place to shine.

Today advertisers want five basic measurable qualities in their agencies and the campaigns they run, according to Patrick Keane, chief marketing officer for CBS Interactive, who's talking about the way to maximize video ad spend.

Gian Fulgoni may have started his presentation on a bearish note, but he ended it on a bullish one. His main reason for optimism: Online advertising has a profound return on investment that goes well beyond clicks. Fulgoni calls this phenomenon the "latency" effect, and showed data suggesting that the preponderance of online advertising's impact happens "offline," and frequently a lot time after someone was exposed to an online ad or search. In other words: It's a branding medium.

Gian Fulgoni from ComScore showed some interesting stats from research into click-through rates and so-called "view-through" rates and how those rates translate into offline buying and purchase.

"The click had its value," said Gian Fulgioni, co-founder of comScore. "Particularly when we were getting CTRs well above the 1% range. But if we cling to that as a metric of effectiveness now, we're not going to be able to pull the branding dollars online.

comScore chief Gian Fulgoni also got things off on a "bearish" note. "I flew out last night, and I don't think I can remember a stranger weekend, keeping track of what's going on in the financial markets," Fulgoni said, marking the third person to invoke the Bear Stearns implosion in this morning's opening comments.