I really resonate with this rant, at the end of the day the 'metrics' that should make sense for investors in web type properties all involve the word 'revenue.' Like 'revenue per thousand pageviews' or 'revenue per customer' or 'net revenue.' Because without revenue the web site is essentially on a path to non-existence.

I like Fred Wilson's analysis [1] of different revenue models it puts this stuff in perspective. The old "drive traffic too then harvest it with AdSense" model is losing a lot of steam.

[1] http://www.avc.com/a_vc/mba-mondays/