I have never once done a buy using their ad server & not been able to see real-time reporting (or within a few minutes of "real-time")Some networks do not provide real-time numbers.
Here's another important tip for anyone new to media buying: place & test a conversion pixel. Don't run without it. You won't be able to see which creatives are performing best unless you do this!
Tip # 2 (feeling in a good mood): Some have claimed before that if you don't use your own ad server (when direct buying) you are a n00b. This is not the case. I've ran many very successful campaigns using the publisher's ad server. People claim that this does not give you any "checks & balances" over your campaign. This is a valid concern but chances are the publisher you are working with welcomes your business and will be working with you to achieve your ROI goals so they can have stability at higher rates then their ad exchange partners offer.