Buzzlogic is rolling out "conversation targeting" today at Ad:Tech – evolving online ad placement from contextual to super-contextual. It’s not the next step beyond behavioral, which keys off of client-side activity, but could evolve to include this as well. Rather, we’re talking about placing content-relevant ads with a dimension beyond reach/impressions – adding in a calculation of source "quality." Quality has typically been left up to advertisers to determine for themselves based on clickthrough or conversion.
Right now the system only works with AdWords, so look for integration of other platforms – like blogads or adbrite.
This is an interesting product for a brand monitoring vendor – makes more sense to see this from an "engagement" type vendor like Buzzlogic or Visible Technologies. Gives you an idea for where the market is heading.