The first commercial websites I built was a webzine. A city site focused on promoting events, restaurants, and so on. But because it was 1996, there just weren't any advertising models for the web, so I settled on a tv-style advertising model. We used the weblogs to calculate the number of viewers, when they viewed, and the amount of time they viewed, rather than the number of pages they hit. We did this largely because hits didn't mean much to the people we were selling adspace to, but they did understand tv and radio advertising models, and understood concepts like primetime.
Why didn't this take off? I'm not sure... too may people saw the web as a magazine (due to it's print-and-image-based presentation at that time) rather than as a tv broadcasting network (due to it's real-time ability to serve content based on time of day, geography, and so on).
I've been doing sites now for just over 10 years, and I still like the tv advertising model better. Doesn't it make more sense?
I do think we're likely to see a push to switch the model soon, by sites that are very media-heavy. For example, if I'm YouTube, I know that I can keep users on a single page for minutes at a time. That's a lot different from other websites, and I want to use that in my advertising costs. If I stick your ad on a page where people are looking at your logo for an average of 3 minutes, I sure want that to cost you more than a different page with an average of 1 minute.