>1. I appreciate, in principle, the notion that I may be informed of opportunities, products, services that might interest me. I'm more focused on my ability to control a) Information you gather on me and b) How when and what it is presented to me - rather than its existence.
You should research products that interest you, rather than being manipulating into choosing something that you otherwise might not.
>2. As another poster pointed out, why are we focusing on advertising part (the outcome) rather than tracking and profiling (the cause)?
Because I don't like any of those things: advertising, tracking, or profiling. Advertising in its own right is mind hacking and I am wholeheartedly against it.
>3. How do you define advertising? What definition do you propose that would without ambiguity allow indexes, listings, reviews, and sponsorships? In a world without "advertising", how do I find a product or service I require?
Word of mouth would be permissible (and within that, reviews), but it'd be illegal to pay for reviews. You could offer sponsorships, but only talk about them in your own domain (such as your company's blog). A key distiction I'd make is between "pull" advertising and "push" advertising, and would make the latter illegal. If the user "pulls" your ads, i.e. specifically indicates that they'd like to receive them, for example by signing up for your mailing list, then that'd be acceptable to me (opt-in, not opt-out, and harsh pentalties for buying or selling lists of emails).
There's a lot of nuance and you would find it difficult to find an unamgibuous definition, but that's also true of all other laws. The law is not a turing complete program, it's a system interpreted by humans.