Guys, don't get disheartened. The Internet is here to stay and the advertising spend is increasing year by year as more and more people buy online. Just concentrate on developing high quality niche sites and there will always be a way to make money
Admittedly ad spend will go up. In case you haven't noticed it's going to places like Facebook and LinkedIn, and continues to go into google search properties and probably the larger name-brand sites like NYT,CNN, etc.
I'm a little morose so it might be my mood, but I think we're at a signpost time/end of an era in many ways re: the Internet. I spent 12 hours working on a site redesign yesterday, and woke up wondering what the hell I'm doing.
I'm a writer, conference speaker and trainer, and I spend my time trying to second or third guess a bunch of computers. Who's the "mug" here.
Not only am I ready to get back to dealing with real people live face-to-face, but I'm also ready, as a consumer of the Internet, to stop doing that. It's not fun with the spam EVERYWHERE, the lame conversations (excluding here).
Panda and the adsense craziness have stimulated me to rethink and I remembered I started my own business 20 years ago because my job then went from great to really not fun.
I think it's time, again.
PS. I saw the lowest numbers this morning ever for adsense. I don't put much credibility in anything less than a weeks data, but you gotta wonder.