What we have today isn't really advertising in my opinion.
To me advertising should be fairly passive and loosely targetted. Basically putting car ads on a motoring website or serving local interest ads based on your location.
What the web has given us is a form of "thought manipulation". It has gone beyond just trying to make us aware of a product in to manipulating us to make irrational decisions. The idea of the likes of Google and other ad brokers constantly researching web users actions in order to get inside their heads really bothers me. It's more than creepy, its disturbing.