> Would you rather see an advertisement or an entire article on a blog centered around a product?

A site that mixes ads in content won't be popular for long (it's bad content). It's also often illegal without disclosure in many places. And once you are producing this kind of ad-injected content you already have a personal connection with an advertiser and make non-targeted advertisements!(everyone sees your same blogpost about the same shoes).

If a website can afford to do that they didn't need ad networks to begin with! They could have "magazine ads", I.e dumb images served from the source domain. Thats exactky what I'm hoping for - Internet ads being just like magazine ads.