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I thought it might help to create a short table comparing traditional terminology with online terminology. I think that in every sense, the online measurement will be better than the offline measurement in terms of accuracy, but there may be slight changes in meaning between the two terms. I hope this is useful:

Traditional Terminology Online Equivalent Terminology Notes
Opportunities to See (OTS) Impressions The number of times an ad appears on a user’s screen, regardless of quality. We cannot as yet see this as a percentage of a demographic group seeing an advert. We can only see absolute numbers.
Impact Click Through Rate (CTR) The percentage of people coming to the website after seeing the advert.
Value of each Impact Calls to action or Conversion rates After the user comes to the site, we can track what they do at the granular level if necessary. We set up "Actions" which track when users do certain things – such as buy, fill in a contact form, look at the address page. We can also assign values to each action to put the campaign "worth" into perspective.
"Single Source Data" "Conversion Summary" We can generally split out CTR (Impact), and Conversions (Impact Value) by campaign. This is because we can (more or less) track which campaign or web site any visitor starts from when coming to your site. The "Conversion Summary" report is online in real time and its accuracy depends largely on how effectively the "actions" themselves are defined and quantified.
"Sleeper effects" "Visits to Conversion" A person does not have to convert on day one. As long as they use the same computer and do not prevent cookies, we can track how many times they visit (and the dates) before they convert.
"Response functions" "Actions" I am assuming that a response function is equivalent to an "Action" in online terminology.
"Page traffic" "Search query" ?? (Do not confuse page traffic with "page impression") I assume "page traffic" is the number of people visiting a given page in a magazine. The nearest equivalent in search engines is the number of people typing in a given query. "Page impressions" online is different – it is the number of times web pages are seen in a given time frame.
"Viewing probabilities" "Eye Tracking"? There are eye tracking studies that help to decide where people look on a given page. Expensive generally to set up. However, when people DO come to your site, it is possible to generate an automated visual of where the user "clicks" on a web page.
6+ Impacts 6+ "Visitor sessions" We track how many times a person visits a website. Generally, a visitor session "times out" in hours, not days. Each visitor session would generally equate to a separate "impact" I would imagine
Brand Web presence (usually a web site) Just as a company has different brands for different market sectors, different web sites achieve a very similar effect. However, for most campaigns, a unique "landing page" is simpler than an entire new website.
Inter-media comparisons Referrer In general, we know where a person was directly before visiting a website. We need to use our imagination, however, to be able to track users from offline sources as – by default – they get recorded as "direct or bookmarked visitors". This is very deceptive. Ways to mitigate this error include unique domain names in offline adverts, specific offers or landing pages described in offline adverts.
Intra-media data Achieved through path analysis. Knowing the initial source of a user is the real challenge. After this is identified and measured, the rest tracks relatively graphically online.

There is an assumption online that in general, when a user comes to a website, they will stay on the web site until they convert. Clearly a rash assumption, as many people – in most sectors – will prefer to either have a phone call or meeting or offline communication before they buy. We do have methodologies for tracking users after their interaction with the web site, but few customers ask us to build the relatively simple systems to be able to measure this. The two main ways to do this are to use unique phone numbers on the web site to track people going from the web to the telephone and we also have a way to take the pertinent user data from the web site and add it to the information supplied by a user when they fill in a web form, which can then get added into customer relationship management systems like ACT, Goldmine or (our preference) an online system called Salesforce.