Brian Monahan is Universal McCann’s Global Lead for Social Media. He recently penned this piece: Gravitational Mass Media. It’s a fantastic, detailed breakdown of the major forces that are driving marketers away from an “addiction to mass media” and toward “media assets.”
This is a rather lengthy piece, but it’s right on the money and it dovetails nicely with our philosophy and passion here at FM. In conclusion, Brian writes:

As attention becomes our most precious commodity, brands and their agents are entering the publishing business. Renting attention by inserting commodity ads in standalone media will obviously have a major role for the foreseeable future. But the relative importance of Mass Marketing will diminish as Gravitational Mass Marketers invest in media assets. Gravitational Mass Media assets yield an audience dividend that is hyper-targeted, tuned to the brand message, and provides true utility to the user. Most importantly, these capture attention at an amortized cost that is more efficient than commodity mass media advertising.