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I'm answering this question in a research piece scheduled for me right after I finish my Wave on search marketing agencies.  And am currently in the process of surveying interactive marketers about what works well/not so well about how your teams are structured. 

So here’s your chance to take part in Forrester’s ground-breaking research!  We maintain an active panel of interactive marketers, but we’re always looking for fresh voices.  If you’re an interactive marketer or know someone who might be interested in our work, you can access the link to our survey below:

http://www.gmi-mr.com/survey/s.phtml?sn=56456