Are ad agencies really hopelessly screwed?

There's a brisk business in bemoaning the future of advertising, and in particular the much-maligned "traditional" ad agency. Pundits like Bob Garfield and George Parker regularly make hay with suggestions that the industry is mostly a bunch of dinosaurs slouching toward the tar pits. Still, it's a bit surprising to see that the newest member of this club: Jon Bond. The co-founder of Kirshenbaum + Bond, who is now building his own new-style ad company, lays into holding companies and their agencies in this devastating quote given to Forbes: "You go into any of the traditional agencies, and it feels like death warmed over."