I just caught the tail end of a political advertisement on television as I was skipping commercials while watching a sit-com. I had the same out-of-touch feeling I had several years ago when Tivo first came out and I realized I had no idea what movies were playing in theaters anymore, because I was skipping all commercials, which included movie trailers.
I used to get some sense of election issues and races from television, but that's no longer the case. I'm pretty pro-active when it comes to knowing the issues, so I tend to do a lot of research on the net that gives me the data I want. Politicians and campaign initiatives are going to have to shift a significant portion of their traditional television "ad-buy" to the net to catch my attention. Snail mail political mailers still get my attention though; they're some of the only snail mail I read anymore.
Television ads are dead. HBO and iTunes win.