Local blogging ad network?

Steve Rubel writes: “This week’s issue of Advertising Age reports that Advance.net’s NJ.com is using Meetup.org to recruit bloggers to dig deeper into local news by drilling down to neighborhood-level coverage of soccer leagues and recycling rules.
(snip)
Even more notable, execs from parent company Advance.net tell AdAge that if things go well they will sell ads across their network of weblogs to local advertisers that can’t afford Advance.net NJ dailies, such as The Newark Star-Ledger and Trenton Times.
Reading this item makes me wonder if Jarvis is planning a local blogging ad network with Blogads, with NJ.com as the (as usual) pilot?
If yes, that is a great idea and everyone should go for it–online news folks, this is a good reason to think about how blogging fits in your world.