The new Cuil search engine launched this week with great fanfare shows the misconceptions of 'targetted' adverts very well. It displays an image adjacent to some of search results which is meant to be relevant to what you are searching for. In this process it is in fact (as mentioned earlier) doing exactly the web content search that Phorm does...
Go to
http://www.cuil.com and do a search for "Bracknell Methodist Church", with the quotes (my church). On page 3 and 4 of the results you will see a beautiful image specially targetted for our church - a pair of blue and green Bracknell wheelie bins!! (the black wheelie bins aren't even Bracknell ones..).
(note also that only two of the links shown on all those pages go directly to our website, not very good....)