Around the Web 8.27.08: Apple gets nailed over iPhone ad, Warner Bros. unveils its version of Hulu

-- The iPhone may be great but its ads say it is too great -- the UK's advertising watchdog bans an ad that it says misleads consumers. Maybe the ad said you could eat the iPhone? The Guardian

-- Maybe Steve Jobs wasn't feeling well when he approved the ad. Other ways a sick CEO might affect a company. Freakonomics

-- Pittsburgh teaches its citizens how to design edible robots and other useful toys. WSJ

-- Forget your password to log on to a website today? Who doesn't? But those password reminders may be the weakest link in Web security. MSNBC

-- Speaking of security, here's a way to fix a flaw that lets people break into your iPhone and access your personal information. Wired

-- Already six items down and we haven't mentioned the Democratic National Convention? Social media networks are blanketing the convention. Web Scout

-- Arianna Huffington may be a VIP at the convention, but she also may be spreading herself too thin. LAT

-- Amidst the gloom about the current advertising climate, Carat is still optimistic about online ad spending. Huzzah! PaidContent

-- But European venture capitalists are still gloomy, not investing as much as they had in the past. Will American VCs follow suit? NYT

-- Warner Bros. unveils TheWB.com today, a smaller version of Hulu. Err, as of the time of this writing, it still isn't live. Alley Insider

-- And finally, because it's Wednesday and you are probably hankering for a bad pun: It seems that lots of Russians are rushin' to the Internet. TechCrunch

-- Alana Semuels

Photo: TheWB.com will feature WB-produced shows such as "Friends." Credit: Warner Bros.