1pm update: Christopher Graham, director general of the Advertising Standards Authority, wants to follow in the footsteps of the Press Complaints Commission and properly rule on internet advertising.
Earlier: ITV's Gary Knight says the broadcaster is not a dinosaur and Sky's Paul Wright claims advertisers are behind the times.
Scroll down for updates.
9.30am: Well an inauspicious start. Not many people here at all. Lets put it down to the snow and transport issues.
First panel up sees Sky argue that advertisers are rushing budget online but don't understand what is going on, while Accenture busts myths including the death of TV; whether UGC is financially the next big thing and why the internet is not as measurable as we think.
No mediator. Each speaker is going for it for about three minutes.
Right the best two here are Sky Media's head of business development Paul Wright and Theresa Wise, global director of internet at Accenture Marketing Services.
Wright believes that advertisers have been caught out in understanding the fact that while traditional media (TV) had limited access to consumers' time, new media such as internet and mobile means access anytime - such as at work to get cricket or tennis scores.
"Advertisers are not as up to speed with that concept as they should be. Growth has been driven by a desire to catch-up not by a desire to understand what is going on."
He also questions whether the advertisers' desire to put a 40 second ad up before online content will be the model that works this year, Sky doesn't think the chunks of content people will consume will warrant such large ads.
Theresa is great. She goes straight for the jugular and debunks a bunch of myths - such as the whole Google revenue larger than Channel 4 and ITV's issues equals death of TV.
TV still takes the majority of people's media time, local difficulties (read ITV) means that local view is not global reality.
Myth number 2 is that UGC is the future.
While the behaviour (of making UGC) is evident she takes issue whether economics follow that behaviour.
Branded content area is very small opportunity for advertisers - worth something like $100m globally compared to display at $15bn globally.
Branded content is a "hit space" business, like Hollywood and film hits, only a few break through.
Number three: The internet isn't as measurable as people think.
The amount clients pay actually varies enormously as 90% of deals are done on a CPM (cost per thousand) basis and not a CPC (cost per click) basis which is truly measurable.
Some clients paying 500% more on same inventory.
Internet is far from a mature or entirely measurable industry.
Oh and mobile advertising will be bigger than fixed internet, eventually.
11am: Now for the 'winners and losers' panel. Up steps ITV's Gary Knight.
"TV is not dead, it is healthy," bellows Knight. "We cannot be accused of being a dinosaur. We have come leaps and bounds on new platforms. We haven't just woken up in 2007 and said 'oh here is a great new strategy'."
Yup, defensive stance time.
Fair enough, 2006 was a shocker but what with, as Knight points out, the new ITV broadband site and media player coming at the end of March he has something to shout about.
Now to the content question. This bit sounds like Mark Thompson's "martini media" mantra.
Still, he acknowledges that "content is not just king, it is nirvana".
He believes that ITV is now in a "share of time war" and in fact there is almost a "content deficit" with all these new platforms.
Dragons' Den star Peter Jones' new show, called Tycoon, will typify the new ITV approach.
For example, in advance of air date people will be able to send in video entries.
The aim is to build interest and to carry live show experience into new environment. Watch this space.
He reiterates that ITV will remain committed to production investment - some £820m this year - going forward.
However he does grumble that scriptwriters, talent etc prices are not going down while there are difficulties for broadcasters.
The other speaker of interest is Paul Edwards, chief strategy officer at Publicis, talks about how dinosaurs have survived.
We should remember how YouTube lives off TV. Ads drive customers to web. Things like Big Brother shows the impact of TV.
What we are in is an "attention economy" where every media is competing and agencies will look to hit consumers wherever they can.
But hey, while ITV takes a kicking just remember that there is more rubbish on the internet than on TV.
1pm: The panel on the future of regulation in a new media world.
Christopher Graham, director general of the Advertising Standards Authority, has pushed forward the idea that it would like to follow in the footsteps of the Press Complaints Commission to properly rule on internet advertising.
"The PCC has beaten the ad business to it (in terms of developing a self-regulation structure for online advertising) with its announcement that it will regulate AV content on newspaper websites. Well done the PCC, dare I say 'we will be with you shortly'".
He says that, contrary to what most people think, the internet is actually the fourth most complained about media at the ASA.
Currently the ASA rules only on a limited range of new media ads such as banners.
However, it doesn't regulate the website destinations that the ads drive traffic.
Stephen Groom, head of marketing and privacy law at Osborne Clarke, argues that one reason that website content is outside the ASA's remit is down to limited resources.
Still, Mr Graham sees it as an obvious move - if fraught with difficulty - to rule on online advertising as back in the day broadcast and non-broadcast ad rulings were brought under its remit.
Mr Graham argues that the concept of a media gatekeeper to backstop transgressions in internet advertising is almost impossible - unlike other media in the UK - so the new media industry needs to work with the ASA to develop a self-regulatory system to adhere to.
"If the ASA is like a referee with yellow and red cards there has to be a proper backstop or there is no enforcing our ruling."
You have to be able to guarantee that action will be taken.
He argues that the ASA needs to get a grip on the internet or brands that side-step 'old media' regulation by moving online will eventually cause a "corrosive effect" on the whole system and policy makers will ask of the ASA "what good are you?" anymore.
