Internet advertising is rocking! It is cheap (comparatively) and widely accessible.
However, I do not think it can replace TV commercials etc. completely.
More and more companies are now turning to online advertising. What effect will this have on radio, TV commercials, as well as billboard advertising?
The Internet is a somewhat cheap way to advertise and you can reach out to your target audience easily.
Nobody really sees billboards for very long. I'm skeptical that those are effective...
As far as radio goes...it's radio. People listen to radio when they're in cars, generally when they can't access the internet. I don't think it has the potential to get outdone. It's been around for longer than any other medium besides paper.
TV Commercials as well carry a lot of weight. Consider how much it costs to run a commercial during the superbowl. That price is high for a reason. In addition, commercials give people the power of video. Online, if a video auto-starts, people get pissed off. You expect commercials during a TV show, and some of them are hilarious.
I don't think the internet can outdo other advertising forms. That's what they are - forms.