I do think that there is a disconnect with how to make money.
That being said, if you own multiple properties, it's pretty easy to funnel traffic off to a higher converting one. There is also a huge value to be seen in monetizing things other than just a "click". CPM spend is going up as companies want people to just "See" their brand, and "owning" an audience (your visitors) has huge value IMO.
I tried the celebrity blog space a few months ago, and in just 4 months, built a site that has over 135k backlinks and does about 5,000 uniques per day. And I make about $1,400 per month and with little effort. This is just a small example of a quick site launch, that when done right, can become a nice little revenue stream.
I think it can be done again in other niche's using the .tv name space as a brand play.