Seth McFarlane and Google?

Am I the only one who doesn't understand the commercials behind the Seth McFarlane/Google deal for Cavalcade?

The show is distributed via the Content Network within ad units, with placements targeted to McFarlane's target audience (16-24m would be the sweet spot I imagine).

The shows also run on YouTube.

Pre-roll videos are placed on the content ... but revenue only comes (if I am reading this article properly - http://www.nytimes.com/2008/06/30/business/30google.html?_r=2&pagewanted=1&ref=business&oref=slogin) when someone clicks.

The revenue is shared through various parties - Google, McFarlane, McFarlanes representitives, the site owner.

I am unsure how this can make anyone money. I can understand pushing the content out - but I think what will happen is word of these will spread virally and YouTube will become the central point for people to obtain the clips.

As an agency guy the concept confuses me - and would confuse clients.

Wouldn't the easier model be to run the pre-rolls, charge them at a CPM and use the Content Network to drive the traffic to YouTube with co-branded ad units (that showcase the related advertiser)

Or push the content out to the main video sites and revenue share with them - Hulu, Yahoo! video, AOL etc - instead of limiting it to one network.

I think Google might be patting themselves on the back a little prematurely when saying they've 'recreated the mass media model'. Don't get me wrong - the idea of web only content from a big name is great ... but I think the commercials around it sound a little confusing once you scratch through the hype.