Doom and gloom seem to be the keywords of the day but here is some news that will hopefully brighten up your long term perspective.
Companies with cogent business models that provide consumer value should survive/thrive - consumers need value more than they have needed in a long time and the internet should be the best place to find it.
Digital Consumer - undermonetized social networks / video / voip driving powerful usage growth - opportunity for innovative marketers to capitalize on low CPMs
Also, for the mobi/mobile lovers, looks like mobile internet will just mirror the regular Internet, don't you love technological solutions over trying to create an artificial one?
All in all, internet advertising has a long way to go, and though in the short run that might be downward, long run suggests a huge potential upside.
All of this information is from this presentation from Morgan Stanley;