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Not one of the advertising agencies we have sold brand campaigns to in the last year have any idea what 'engagement metrics' are or why web folks are promoting them. Most every ad agency in the U.S. and Europe are still 100% attached to impressions and clicks. They are becoming less scared of non-traditional clicks (such as contests, Groups, virtual gifts, etc.) but that's only because they can still tie it to a user and a click.
I'm concerned that many web2 publisher models will fail because the ad industry isn't nearly as excited about engagement metrics as it's proponents are. Very few people in ad agencies are risk takers. Very few brands they represent are risk takers. Furthermore, ad agencies are very quick to pull the plug on anything they perceive is under performing. So though they may try out new methods, if they are not getting better reported results than highway billboards or all their other existing opportunities, they'll advise their teams to never do it again.
This is not to say the best companies won't (or aren't already) making advertisers very happy with non-traditional methods, but those are and will be the special companies with great sales teams and commitment to being an ad publisher. And I find most web companies are much more focused on their technology than being in the ad business.
You and your readers guys may also enjoy a recent presentation I published on "Social Media Futures", here : http://www.mediafuturist.com/2008/07/the-future...
No I haven't but I definitely will look into that!