Yeah, once again, compare the dross on the internet to the good things. Slashdot, Wikipedia, a bunch of corporate websites you can visit to learn about their company, restaurant websites, Linkedin seems to be a decent place to look for a job, ebay, amazon, some news websites. Slashdot and some news websites would die without advertising, but I would be willing to subscribe to those.
Now look at all the negative stuff. Buzzfeed, wired.com, all those websites that spew crap in order to attract your eyeballs. Out of all of that, are there any websites that would die without advertising, which you would also not be willing to subscribe to?
The only one I can think of is Facebook, and if that one died, it would only encourage a distributed model, where everyone essentially ran their own RSS feed for their friends to look at (or something similar).
So let the advertising die, I say, the internet will be a better place for it.