Digital media is fantastic all the time, of course, but in economically challenged times websites are certainly the way to go in terms of marketing and advertising.
For the price of a decent magazine print ad (and often substantially less!) you can have a pretty respectable website. Websites are there all the time, unlike magazines which get thrown away, recycled or relegated to a dark corner. You can track actual usage of a website and engage visitors in interactivity designed to entrench brand awareness. In short, websites are a much better bet than print ads these days. Agencies and clients who do not want to focus and invest on the web experience are short sighted.
So go forth and digitise – but please do a decent job. Remember you get what you pay for, as with most things. A crappy website will do more harm than good.