Ads becoming content is not only true from a thin affiliate site perspective, but also on larger more traditional ad buys. Selling content hosting is going mainstream. About.com has been selling custom branded sponsored content for about a year. This WSJ page hawking Accenture is a PageRank 4, and this BizJournals lead generation page is also an indication of where sponsored content hosting is heading. How long will it be before you can log on to the WSJ ad platform and just buy a topic and upload a page?
A few months back Threadwatch had a post about Yahoo selling subdomains. Yesterday I stumbled across an AdSense ad for a company selling subdomains that they forward to other sites. I don't believe it is smart to build a big site on someone else's domain, but if you wanted to fling up a bunch of spam or create a single targeted ad page that goes after a competitive phrase why not leech of their authority and let them assume the risks?
There are no search engine guidelines on hosting advertisements for third parties because it is not an idea Google wants people thinking about or talking publicly about, and they can't edit out WSJ.com if they will want the WSJ to spread their public relations messages and business interests.
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