Keith Gooberman, VP-trading and platform operations, at Varick Media, on Real-Time Modeling:
Real-time modeling would be trying to identify an audience in real-time so you can quickly act upon it. For example, noticing a jump in activity driven to your website in the morning (due to some specific, searchable term) might influence you to contextually target the word using display advertising immediately.
Let's say you were Sunglass Hut -- and by 9:25 am you ingested SEM data that indicated the term "Amber Lenses" was driving traffic to your site. You could immediately contextually target display ads to "Amber lenses." This could immediately show ads on a NYTimes.com article published that day detailing the benefits of wearing Amber lenses if you sit in front of a computer all day. Real-time modeling would have placed ads against that article before you were even aware it had been published.