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I think Facebook is being a bit coy with their AD platform intentionally. They have such rich data and the AD targeting potential is very impressive. I think they are probably looking to bring in MSN AdCenter or something like that and then take things up a notch. I know that we spend quite a bit on Ads on FB and they convert well so if they stepped up their game and built an AD server like Google AdWords - they would be raking in the cash.
Monetizing FB will happen - will they be worth 15 Billion that is another matter. However they are worth a lot and as more and more advertising goes online they are in the right position to capitalize on that.
Cheers - Eric