The former Disney chief has been quiet…but busy.

In a wide-ranging interview with Ad Age, Michael Eisner — once practically a household name — talks about what he’s been up to since leaving The Mouse.

Among the topics on tap: the writers strike, digital content distribution, and his company’s acquisition of the Topps trading card company.

The most interesting part, to me, is this tidbit about bundling ads with online content:

I think when people are given a choice between a subscription service and an advertising service, they choose the advertising service. I think it’s easy to say, “We don’t want commercials,” but we’re used to commercials, and they can be entertaining in themselves — unless its overbearing. A 30-second commercial in a 90-second online spot is overbearing; a 15-second spot in a five-minute piece is fine. I think the audience will accept advertising.

He’s right, but only to a point. It’s not enough to just say that people will accept advertising. They will, of course, but their simple acceptance of it doesn’t offer any real value. The key is to provide advertising that — for some specific, targeted reason — actually enhances the viewing experience. It should be worthwhile. People should not only tolerate it, but want more of it.

It shouldn’t just sell a product, it should provide more relevant content.

That’s a tall order, of course. So tall that it’s a model that won’t ever fully replace more traditional methods. But those who can figure it out will always be ahead of the curve.