The economic weight of blogs

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Roland Piquepaille has just published an interesting point of view on the economic weight of blogs. He pinged me among others writing that this will probably not bring him lots of friends, but he might be a little bit too cautious (what should I say about my predictions for blogs 2006, then). I mostly agree with him (some ideas need to be developed), though there is one sentence where I don't really see the point (or what it brings to the debate):

If we add similar programs — and the money made by Google and others — the global ad money generated by the blogosphere almost certainly doesn't exceed one billion dollars in one year.

If it's close to one billion dollars, I'd say "not too bad" (for Google that is ;-)).