I can hear publishers celebrating today as research shows that their lead generation programs look healthy still compared to the big kids:

"For the month of January, AOL Search generated the best conversion rate at business-to consumer e-commerce sites (6.17 percent), followed by MSN (6.03 percent), Yahoo (4.07 percent) and Google (3.83 percent)..."

Those numbers don't match up to the conversions and cost-per-lead numbers of more focused sites.  Now, if niche publishers could just figure out how to drive better volumes.  I would certainly start considering new distribution methods and revenue models if I were still playing that game. 

I'd also keep close watch of TechTarget who reported revenues of $70 million for 2005, which is up from $48 million in 2004...their whole business model is driven by the lead gen model. (Alan Meckler is jealous, I'm sure.)