The Guardian (free reg.) quotes a report by media-buying agency Starcom which claims Tv advertising still drives advertising awareness among viewers. Apparently, the main problem with TV spot is that often non relevant ads are shown. So the discussion is not about interruption but rather about relevance of the commercial content.
So if we move our focus to content, Starcom found out some brands will have a better TV future than others. Telecoms and entertainment companies are able to build more awareness among viewers than grocery brands and cleaning products. A detailed graph of ad awareness by industry category is available here.
If you're interested in the future of TV advertising, you might enjoy reading Life After the 30-Second Spot: Energize Your Brand with Bold Alternatives to Traditional Advertising by Joseph Jaffe.