Three full years have elapsed since the dot-com collapse, but DMers are as obsessed as ever with online marketing. As well they should be, for many firms are making it work despite nagging problems. But things have changed, and it’s now time to ask: Just what is the state of the art, and where is it all going? That’s the theme of our special report. We explore the risks, one being anti-spam legislation. But we also examine the opportunities — and there are many. For example, many firms now consider search engine marketing an important lead-generation tool. And Webinars have emerged as an inexpensive way of communicating with customers. We report on the newest technologies. And we have articles by some of the leading experts in the field — like Arthur Hughes, Ron Ossip and Andrew Wetzler. Finally, there are case histories on Pfizer and MobilePlanet, all illustrating one point: As Acxiom’s John Ripa says, online marketing should be “a lot less about technology and a lot more about direct marketing.”