On the other hand, small-form (pixel) advertising may actually be worth something—in another form that doesn’t depend on novelty. Pixels are cheaper than ordinary banners, and could allow start-ups and non-profits to get a little extra traffic at little extra cost.
It’s certainly feasable that a site could sell unused space off by the pixel directly as advertising. Not only do most sites actually have substance the people actually want to view, but any web developer worth his salt, who cares about his site design, will be able to keep pixel ads to a respectable minimum. And if the site has regular visitors, it is presumably reputable.
It’s might also be feasible to put pixel advertising into some sort of AdWords-style ad network. Cheap. Effective. Contextual. Of course, it may be hard for any network like that to get off the ground. After all, we already have AdWords and its Yahoo! counterpart for contextual small-publisher goodness.
Millionpixel sites are done. You’d think that would be apparent to anybody, if not for the new ones that keep popping up on Google. Pixel-based advertising, on the other hand, does have some, albeit small, potential. But as it looks now, either not many people are actually being creative and doing anything with it…or nobody cares.