I would speculate they make between $5 - $20 CPM and they show 3-5 ads per article view. That puts the revenue between 1.5¢ and 10¢ per article pageview.

Micropayment approaches and payment processor rates vary, but I'd generalize to probably 30% take rate. So assume 3.5¢ to 7¢ payment per article. Do you pay for every article you load? Do you pay again if you load the article twice? What if you don't like the article and don't want to pay? I don't think it's quite as simple as 3.5¢ to 7¢ because no one has really proven this model to work yet.

> What if you don't like the article and don't want to pay?

YOu read the first free paragraph, if you like that you pay, if you dont like the rest of the article you dont get a refund since you have already consumed the article.

A $20 CPM? I'm thinking it's nowhere close. That's exceeding TV level CPMs.

The WSJ is very valuable for enterprise advertising. TV is going to hit a much broader segment of audience, which will include many people who won't care about EnterProse Corp's new widget for Sarbanes-Oxley compliance.