Second Life — the media darling of 2006 — is now being roundly criticized by publications left and right. Wired and Forbes have both recently posted articles about Madison Avenue’s “wasteful” involvement in the online world. Yes, backlash is inevitable for any popular web application. (MySpace has already been through this.)

There are some basic truths here: Marketers, by nature, always want to ride the wave of what’s next. SL represents an exciting shift in how we communicate online, making it chum in the water for advertisers and brand managers worldwide. There was a point where just establishing a presence in SL alone was enough to get hype for your organization, even if you did nothing with it.

My advice with Second Life is that you can’t put your virtual toe in the water and then run away a week later when things don’t go as expected. Remember, SL is still relatively new-ish technology. For a brand to successfully make a splash in-world, creativity, curiosity and (*gasp!*) patience are required. And, quite simply, it’s just not for everyone. Using it as a mainstream, broad-stroke marketing vehicle will never work.

I’ve said it before, but Pontiac truly *gets* it with Motorati Island: an immersive, branded experience. Meanwhile, Second Life remains relevant to the millions of residents who call it their second home, while fostering a vibrant, growing micro-economy — with or without the presence of outside marketers.

Perhaps SL’s biggest proponent/critic is Warren Ellis, who writes a weekly Second Life dispatch for Reuters. I highly recommend it. Reading Warren’s column, I always learn something new, bizarre and/or exciting about the possibilities contained within virtual worlds.

Last Thursday I spoke with an Iowa State University class inside Second Life. The course (Management Information Systems taught by Associate Professor Brian Mennecke) encourages students to assess possible e-commerce strategies and business models within SL.

Unlike a traditional college class, all course interaction takes place in an open-air “classroom” inside Second Life via virtual avatars and chat. Although I did note some similarities to my University experience: A few students showed up late, while others needed help finding the room.

Many of the students wanted to know how to successfully leverage Second Life for existing businesses. While there is no exact formula, my answer is this: Organizations must create opportunities for SL residents to truly become engaged with their brands and products. The prime example is Pontiac’s Motorati Island, a virtual racetrack and garage where gearheads and auto enthusiasts can create their own car projects and take them for a spin.

Pontiac has remained true to what makes Second Life popular: Allowing users to create personalized content. On top of that, Pontiac gets a window into the consumer’s imagination, seeing what they really want out of an automobile. Just think of it as inexpensive and hyper-insightful R&D.