There is no doubt that online video advertising holds a great deal of promise. It's immersive, rich and potentially highly engaging. Traditional brand advertisers innately understand online video with its parallels to television advertising. Coupled with the possibility of interaction and sophisticated targeting capabilities, it entices advertisers with the tantalizing promise of the 30-second spot -- only better.

A 2007 eMarketer report, Video Advertising Online: Spending and Audience, projects that the online video audience will hit a mass-market benchmark this year as more than 50 percent of the U.S, population will watch video online. eMarketer also projects that 2008 will see $1.35 billion spent in online video advertising in the U.S., which is expected to grow to $4.3 billion by 2011.

Yet, the promise of online video advertising recalls the heady days of the early digital advertising industry. There is a great deal of hype, propagated by publishers over-promising on the abilities of the media vehicle. Advertiser exuberance and heightened expectations are predictable but will inevitably result in disappointment as online video advertising proves much more difficult to execute and deliver than anticipated.

Let's take a look at some of the most common myths about online video advertising and examine the realities.