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A small correction regarding "The Office" -- NBC's then-President, Kevin Reily renewed the show in May of 2005, despite low ratings for the first 6 aired episodes. iTunes started selling episodes in January of 2006. Although the show had was a huge hit on iTunes, it's arguable if that had any direct effect on the ratings because in January 2006, NBC moved The Office from Tuesday to Thursday - which is still the most watched night for broadcast television. That, coupled with Steve Carrell's popularity boost due to The 40-year Old Virgin and the changes in the show from season 1 to season 2 probably had as much influence on rating increases as iTunes sales.
Speaking of iTunes sales, while I think NBC made a huge PR gaffe in how they handled the whole thing, the numbers Jeff Zucker reported as making off the downloads was pretty telling that at least in terms of legal downloads, there weren't that many eyeballs (something like $15 million from all content for the entire duration of the NBC/iTunes agreement was what they made - and that's just a pittance in TV ad dollars). Plus, I would argue iTunes sales are really at direct competition with DVD sales rather than watching first-run on TV.
I think actually determining how many people are watching full episodes of a show online and not just loading it and then going to another site is the difficult part in doing ratings aggregation for online streams. Downloads are another issue entirely, but for streaming viewers, I think they will eventually be weighted into the overall number (and it'll have to be weighted because oftentimes people rewatch part of an episode online, rather than watching it for the first time), it'll just be a matter of time for the statistical agencies to accurately be able to cull that data. Nielsen's current program is actually pretty spectacular -- it might not show at trend immediately, but it will show it within a few months and with frightening accuracy.
Agree as well that for most people iTunes downloads go against DVD sales rather than TV viewing. I'm still betting we see NBC back on iTunes at some point this year whether Hulu is a success or not.
I know accuracy has always been somewhat of an issue with Nielsen in the modern age, so it will be very interesting to see how analytics of online content happens. I'm interested to read your piece on Nielsen.