Busblog writer Tony Pierce puts forth the idea of the sponsorable photo essay. A photo essay, one of the things Tony is famous for, is composed of several sequential pictures with commentary that form a story line. You can check out some examples here and here and here and here and here.
Tony advocates the sponsorship of photo essays through the use of banners, text ads and full screen ads. I say take it further and create a well crafted photo essay that embeds (product placement/brand integration) the advertiser in the photo essay itself. Just as online viral ads have been successful so could well thought out photo essays. Smart marketers should try it. Better yet, smart bloggers should try it, find sponsors and get paid.