A lively (for 7:30 a.m.) conversation took place during this morning's panel discussion on entertainment in the digital age. FORTUNE's Pattie Sellers immediately put everyone on their toes by asking the panel members to discuss the dumbest (as well as smartest) decision they've made in the past few years.

CBS' David Poltrack was unlucky enough to start things off. At first, he declined to say what his company's dumbest move was. "I'm not going to tell this group. You do know Leslie Moonves?" he joked, referring to CBS' CEO. But he finally relented and said that CBS' recent attempt to create a reality version of ABC's hit "Desperate Housewives", the ill-fated "Tuesday Night Book Club" was CBS' most recent example of a dumb move. The show attracted a lot of buzz when it first aired a few weeks ago but subsequently lost a large portion of its first episode's viewers and has since been shelved.

Movie and TV producer Brian Grazer said his best and worst decision was to produce the blockbuster film adaptation of "The Da Vinci Code." He said he didn't expect there to be such a big backlash to the movie's controversial content.

Ken Miller of Lehman Brothers candidly admitted that he, like many others, fell for the Internet hype back in the late 1990s and 2000. He said he no longer trusts "BS metrics" like page views and unique visitors, which he says have no real relation to cash flow and profits.

Former Disney CEO and chairman Michael Eisner had the audience rolling with his answer. He said "it was hard to count all the dumb moves" he made before zeroing on one high-profile blunder: misjudging personnel.

Activision CEO Robert Kotick joked that his smartest move was deciding to not sell his video game publishing firm to Eisner when he was still at Disney. That comment was also met with a few chuckles.