To illustrate just how quickly the roles of industry players are shifting, Scott Schiller, EVP, Global Marketing, Glam Media, drew some remarkable examples during the "Long Tail Wags Back: Can Ad Nets Be Media Companies?" panel at OMMA Ad Nets.

Complimenting the last panel -- which explored the notion of publishers as ad networks -- OMMA attendees are now getting a look at some ad networks testing their merits as publishers. “In the ad business, we are building new opportunities for marketers,” Peyman Nilforoush, CEO and Co-Founder, NetShelter Technology Media “We view ourselves as a media services company,” said Scott Schiller, EVP, Global Marketing, Glam Media. “The more verical you get the more important it is to deliver the right message at the right time,” Jeremy Shane, President and COO, Health Central Network.

Why are big Web publishers forming their own ad networks? Certainly, these brands want to expand their reach, a move which benefits both themselves and the smaller publishers in their network, but Christine Cook, SVP Digital Sales for Martha Stewart Living Omnimedia, believes that consumers also benefit from Martha's Circle, MSLO's ad network.

Martha Stewart's Christine Cook and Forbes' Jim Spanfeller agreed they don't feel the need to own the properties in their respective networks as long as they screen the sites or blogs for quality to provide a "clean well lighted environment" for audiences. "We don't own the sites in Martha's Circle and we dont think we ahve to," said Cook. "They want to be associated with us and our excited to put our logo on their sites."

At least that's the take I got from listening to Forbes.com chief Jim Spanfeller’s explanation kicking off the "Can Big Media Wag the Long Tail? Content as Ad Networks" panel during the afternoon session of OMMA Ad Nets.

What’s Forbes.com doing to take advantage of the long tail? It’s developed a network of 1,000 blogs to extend the reach of its advertisers, according to CEO Jim Spanfeller. And, while he says it’s still a little early to determine, Spanfeller assumes the network will generate 12-15 million unique visitors a month.

What can vertical and horizontal networks do to gain more trust from the agency community? That's the question John Gray, VP Interactive Media, Enlighten, had for a panel of mostly ad agency representatives at the OMMA AdNets show in New York.

What's the biggest hurdle for ad exchanges and networks to overcome? Performance and value, according to Will Margiloff, CEO/Founder, agency Innovation Interactive. No, it’s about size and branding, says Paul DeBraccio, CEO of consulting and sale rep firm Interevco. No, it’s all about standards and “change management,” argues Ramsey McGrory, VP, Yahoo U.S. Partnerships.

How big does a publisher have to be to participate in an ad network or exchange? Doesn’t matter, says Michael Rubenstein, Director, DoubleClick Ad Exchange. The important thing to consider is whether the vast majority of their inventory is sold or not. Size does make some difference, argues Paul DeBraccio, CEO of consulting and sale rep firm Interevco. You can, in effect, segment the market down to nothing, DeBraccio says.