DH: We (at VMM) are excited about the promise of the next version of exchanges. A lot of talk has been around real-time bidding and Google should deliver on this. The impact for our clients and the industry is tremendous, as real-time bidding allows intelligent marketers to purchase impression level inventory.
The challenge will be for "real-time bidding" to scale beyond Google as not everyone buys their inventory in one place. After all, PPC advertising is click level bidding and that's 67% Googled and 33% split between Yahoo, MSN and the rest of the industry.
An additional challenge will be for agencies to adopt this new way of buying. They have choices: build out the capability under their own roof, or use outsourced services/platform group. Understanding impression level data and real-time bidding is very quantitative and agencies will soon realize that they have to make very specialized hires. Not sure traditional agency business models can afford a mass of these types of hires.