After weeks of speculation, Facebook's new ad system has been revealed. The new system, called Facebook Ads, will let advertisers target their messages to Facebook users most likely to want their products or services.
Under the new system, business can now create their own pages on Facebook - in the same way MySpace allows companies to create their profiles - but those profiles will also serve as the launch pad for viral applications such as brand-stamped casual games.
The real kicker (at least for advertisers) is the ability to target ads on Facebook based on what users and their friends buy and do online. For example, a user who buys a movie ticket, or makes travel plans on a participating website will be prompted to share his action with his Facebook friends. For Facebook users, as you might expect, this will likely mean more app spam. You can read the full press release here.