Saw this ad-banner on contentsutra yesterday (Feb 20).
Contextual Ad Messages work awesome, and a targeted message displayed at the right time and the right place can work magnitudes of time better than generic ones. Context could be anything - spatial, time-driven, user-driven or topic-driven.
But they are equally risky. Contexts are, by definition, niches and do not scale. Especially time-driven ones, they die down quickly and an ad that made so much sense yesterday makes no sense today - like this one. Apparently, they had the time to do a special creative for Republic Day, but no time to replace it later with the regular one.