Jon McAlister, a software engineer for Google, has used his “20% time” to bring us Google Suggest for Google News.

At last week’s ad:tech, Sequoia Capital’s Mark Kvamme predicted that online advertising would exceed $35 billion in 2008, way more than the $18 billion predicted by the IAB.

Thirty-two percent of people are reached by TV, to which 38 percent of ad dollars are allocated. The Web, meanwhile, reaches 32 percent of the population but captures a mere five percent of ad dollars. TV CPMs run circa $64, contrasted with $10 to $30 online.

Via ClickZ and MarketingVOX.