I don't understand why Facebook can't deliever targeted ads similar to how AdSense works. They already control the "comment boxes" of the web. So essentially, they know you are logged in at such and such site. Why not target the ads of the site to you? Seems like they would print money.
Facebook's users online intent is different from Google's users. People do not go to Facebook to show buying intent, they go their to pass time. On the contrary people search Google with an intention to buy hence Google can print money but Facebook cannot.
Obviously Facebook can't match the search-intent targeting of AdWords. But grandparent post mentioned AdSense - contextual ads on other sites. Facebook is amassing the data and sensors to compete there... it's just a smaller and lower-margin business than AdWords.
The A-Number-One thing Facebook needs to do in order to improve their ad business is to increase the use of the "like" buttons, both on and off their site. While not Intent-To-Purchase, it is very much Interest, and from what I've seen in an anecdotal sense it's what makes their ads target well or not.
If I were in charge of their ad department, I'd be focused extremely tightly on increasing that behavior in users.
If I were in charge of their revenue in general, however, I'd be focused on Facebook Credits and how to become the top trusted marketplace for person-to-person transactions worldwide.
