If you think there are too many ad networks with not enough business sense behind them, you're in good company. In a recent interview with CNET, Wired Magazine founder and Federated Media boss John Battelle says a lot of what passes for an online advertising model is simply a passing fad.

"[Ad networks] are the kind of flavor of the month, but you have to get down to where do you add value to the marketer and where do you add value to the publisher," Battelle told CNET, adding that many of the investors in the sector don't really understand the business.

According to Battelle, vertical ad networks are likely to fair better than horizontal ad networks. However, he was quick to point out that ad networks that work closely with independent publishers are going to carry the day.

"To get all the way there you have to have the kind of ecosystem that was the magazine business at the height of its expression, where you can really get into that and do some cool things working with the publisher, like (the equivalent of) a two-page advertising spread online," Battelle said.

Of course, those words shouldn't come as a surprise from Battelle, who owns Federated Media, an outfit many see as being similar to other ad networks. According to Battelle, Federated has a similar model, but its focus on high-quality, independent sites will help ad value to both publishers and advertisers.

One of Battelle's publishers, TechCrunch, praised the Federated business model, but pointed out a glaring weakness -- independence. According to Michael Arrington, Federated sites are free to jump ship for a better deal whenever it presents itself.

Battelle himself floated the possibility of taking a financial stake in some of his publishers, or at the very least guaranteeing revenue, something many of his competitors already do. But Battelle also pointed to the folly of a roll up -- simply buying a slew of sites in a given vertical. According to Arrington, there seems to be an inherent tension in Battelle's current thinking on the space.

In the meantime, Battelle, who is said to be raising venture capital for undisclosed opportunities in the space, has picked two fights in as many days. In his CNET interview slamming ad networks, competitor Glam took much of the heat by name. Yesterday, Battelle blasted Google, charging that the search giant has become a media company.