It's been a while since I posted the last grim news about publishing—since which time Lantern has eased its way over the ten-year hurdle. But, as we publishers know, you can never have too much bad news, and Daniel Menaker, former executive editor-in-chief at Random House, knows whereof he speaks, especially when he talks about the absurd world of mega-books and midlist titles and the advances each commands. Here's his piece.