I received an email from the PR agency Weber Shandwick telling me about marketing to 2nd generation Latinos. In particular, the email let me know that Microsoft and MRM Worldwide are participating in an Advertising Week 2007 panel focused on this topic.
It got me excited because when I think about ways to find big wins in web marketing, I always try to find things that represent large opportunities, but where the environment has not become completely saturated by competition. It strikes me that targeting the Spanish speaking population of the U.S. represents such an opportunity.
Of course, you have to deal with the issue of translation, and you would need to have a real understanding of the market. If you can handle those two problems, however, there could be a very interesting opportunity here.