They have taken there time ( I believe that I heard about this almost a year ago ), but MySpace has now entered the Ad Market with their MyAds offering.

This seems pretty similar to what FaceBook have, but unlike Facebook (only allows text ads today), MySpace is allowing display ads as well. Users can build an ad with pre-built templates or a Flash tool, or upload their own.

The ad placement looks to be interesting. They build out a profile of each user based on what they do on MySpace over time and then they will serve up your add based on what you ask for. Scary that Google gets such a bad rap for storing usage data when the reality is that every one of these sites it doing it.