See my cynical take on this in my column:

http://www.guardian.co.uk/technology/2007/feb/15/media.comment

“The appearance of companies that pay bloggers to write about advertisers’ products has created an uproar, pitting those who have been called the “sidewalk hookers of the blogosphere” against A-listers who might be termed the blog world’s “executive escorts”"

And I like the sardonic way Valleywag once put it:

http://valleywag.gawker.com/233971/disclosure-the-aspiring-shills-best-friend

“Unfortunately, despite blog-media’s near-sexual fixation on transparency, disclosure is not a means toward absolution for ridiculous acts. Disclosure is actually a test of your audience’s tolerance for chicanery.”