Is Google Adwords taking over the Traditional Agency Model?

Is Google Adwords redefining the way that traditional agencies are modeled? I believe so. Prior to this past year or two you really needed a full service agency to get your PPC, SEO, Creatives dones, Media buys for print, radio, tv and online. As of late, the traditional Advertising Agency has downsized due to the fact that within the Google Adwords interface you can accomplish all of the above. You can upload televison commericals and purchase medai times slots. You can design static and dynamic banner ads and serve them on hundreds of thousands of websites, in strategic spots, ie. the banner ad model. You can purchase publication and paper spots on any of the major newspapers. You can even purchase radio time on over 1400 stations. In this state of the economy, it makes me happy to know that I’m at least on this side of the Adwords interface. Thank you Mr. Google!