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Self-described Web strategist Jeremiah Owyang has posted a 1,544-word monstrosity to explain the significance of MySpace and Facebook's new ad models. If you have time to read it, you're probably also adding friends on MySpace all day. If you have a real job, here are Owyang's insights in 100 words.

Facebook ads work like endorsements. How it works is a member can "friend" a business. The business can then purchase an ad which, to friends, looks like a product endorsement from this member. This will work. Consumers trust friends. Brands will beg for fans. Payment is auction based CPC, CPM. Two social ads show per day, driving demand past supply and prices too high for all but national brands.

On MySpace, businesses can build profiles and target ads on user profile pages according to their content. Watch for clutter. Ads will remain ugly. Expect ad inefficiencies due to misinformation. MySpace's huge member base and local business membership will lead to success.