Deutsche bank right or wrong about TV commercials?

Last Monday, AdAge dropped a bomb with an article headlined TV Advertising doesn't work for packaged goods, citing the Deutsche Bank study "Commercial Noise: Why TV Advertising Doesn't Work for Mature Brands" - showing that brand packaged goods get very poor returns.
Today Richard Tomkins at the Finacial Times takes on that article head on, pointing out that it relies on the old-fashioned idea of measuring brand awareness in short-term only.

That is not how the Branding TV-vodoo works.

Yet somewhere at the back of my mind I hear the insistent voice of Philip Wrigley, son of William Wrigley, founder of the chewing-gum company, addressing this question of value for money. Asked during a transcontinental flight why Wrigley went on spending so much on advertising when its products were already successful, he replied: "For the same reason the pilot of this plane keeps the engines running when we're already 29,000ft up."