Wombat does not understand the internet.
There is a reason the biggest, most successful websites--youtube, wikipedia, facebook, etc--are all user driven content. It is because that is what the internet thrives on. Its foundation is not some giant corporate mall, or even a group of content creators dependant upon advertising dollars, no matter how much companies want to turn it into that. Even dating back to the BBS days, the internet has always been, not about business or money, but about people sharing information with one another. It is literally a public forum.
The idea that advertisement based business is required for good content on the web is as absurd as the idea that I have to pay money to have a good conversation with my friends. There will always be user generated content and hobbyist focused websites, developed out of passion, not profit motive. Moreover, they will be the ones to generate most valuable, thought provoking, quality content specifically because they are not being driven by a business model, or cynically attempting to placate a carefully defined marketing demographic or advertiser. You have it completely backwards. The best stuff on the web is not the corporate sponsored stuff. It never has been. It never will be.