Yes, but Jeneane we know these people. They want something for nothing - and preferably at a discount. At what point does underwriting not magically transform into another corporate sponsorship blag? I don't think the Gonzo bag of tools is at issue here. What I don't believe is that the majority of big businesses measure anything in other than pounds, shillings and pence.
Where Gonzo will make a killing is for the small- and medium-sized businesses who have two important qualities: love (and control) of the product; and the willingness to invest time in that love. The average company slave doesn't have that - at the top or bottom of the hierachy. I don't think big media is dead - yet. It'll merely change direction. They will get more up close and personal, but on their own terms. See the Nike web sites. They are doing it by being "interactive" ie more bells and whistles.
Me? I prefer the cheap and cheerful version we have.
I can show you an excellent example of Gonzo in action. It has micromarket interaction, the tone of voice, engagement - everything. Slowtwitch.com is run by Dan Empfield for the triathlon community. He has commercial interests in triathlon products but still reviews other companies' wares. He also offers advice for free, looks at the endurance industry from the man on the ground's point of view, but still has an excellent political overview.
That could not be done by a corporate. Can't and never will - at least until I contradict myself. Like this: Gatorade Sports Science Institute. But that's academic - they are always nice to each other in daylight and then the knives go in when the lights go out.