Many people ask the familiar question, "Is this going to be the breakout year for local?" while expressing frustration or disappointment that "local hasn't yet lived up to expectations." But local is a marathon, not a sprint. It's also more complex than the general search market, which features an ecosystem built around a small number of large and highly visible companies. Even though many of those same companies are focused on local, one could almost flip that equation when discussing the local internet: it's about a very large number of mostly small companies.
From Internet Marketing and Online Annonsering