I just got back from another day in the Ad Tech conference. If you look at the numbers the IAB, Hitwise or comscore are releasing it seems that CPM still rules and CPA is still in a very early stage.
However, after going through the 300+ booths in the conference exhibit hall it is obvious that the numbers are different and going to be very different in the near future.
Almost every second booth had a big sign talking about how company X can help you with your CPA campaign. Almost no one talked about impressions.
I have to just assume that all those companies knows their customers pretty well, meaning we are seeing the new king of the industry - CPA based advertising.
Also check out what Google trends is saying:UPDATE:It seems that the graph is misleading as people search for the term CPA is a short also for stuff besides "cost per action" (and also a name of a company).