I'm going to have to kindly disagree with this.

Some people don't seem to understand that advertising is also about brand awareness. I've seen that damn "evony" or "ebony" or whatever it is free mmorpg ad all over the place, but have never clicked on it.

I'm sure that, eventually, I will check it out. This isn't because of ONE website that I have seen the ad on, it is because I have seen it everywhere.

The value (at least in some cases) is in LOTS of impressions. The CPM model will probably never die (and IMHO, this is a good thing).