Is Advertising Dead?

I've read in many places where "Advertising is Dead."

• Scripting.com
• Logic + Emotion Blog
  
• Marketing Profs
• Media Biz Blog
• TechCrunch.com
• Social Media Today

But, according to BrandWeek, at a recent conference, top marketing executives begged to differ. Sure, advertising spending is down. But:

All of the panelists said marketing and advertising are more important than ever to their organizations.

A big theme that emerged from the panel: it's time to rethink, recalibrate, and innovate. With spending going to more and more places, measuring results becomes more important (and more difficult) than ever.

How are you changing your marketing and advertising to reflect the new economy? How are you measuring results?