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I'm not sure this is a PPP style play, it seems to be placed pre-rolls to me, but maybe I'm reading it wrong.
Second of all, I probably should have gone into this before, but this is essentially a different approach to a similar venture he's done before that was centered around product placement in video. This one seems to be a bit wider open to all types of ads, including pre-rolls and posts and such, but from the stuff I've read around the web about it, it seems like he's into the integrated advertising message.
This is a much more accepted practice in rich media (i.e., Leo Laporte does a live read in just about every podcast he does, and I seriously doubt he'd consider joining IZEA to do the same on his blog).