UPDATED: There is a new Facebook advertising course out right now from Ryan Deiss Facebook Ad Power which is now taking the Internet by storm as it is such a new idea and according to Ryan very successful with great positive ROI. It was initially only going to be available for a short time but from what I have seen it will be online for a while as it is so popular.
If you want to read a bit more, you can read my initial facebook ad power review or just jump straight to the facebook ads site
I have not bought the course but it has made me think and whilst I have not yet created a new Facebook ad, I have had a look through the facebook ad creation section and what you can do and it is impressive.
Just thing about this, you have the potential of reaching over 400,000,000 active Facebook users and for each ad you create, you can target specific groups of users and can pay either as pay per click (PPC or CPC) or impression (CPM) in your local currency. Think about this, rather than using Google Adwords, you can tailor ads to 400,000,000 potential users and look at the diagram below, you can see the sort of tailoring you can do:

In terms of ad specifics, your title can have up to 25 characters, and the ad body can have up to 135 characters. You can add any sort of image which will be resized to fit in a 110px wide by 80px high box.
And now the biggie, you can target your ad based on the following criteria:
Look at this list and depending on what product you sell means you can really direct your ad only to the most relevant people – married or not married(think dating products), students or not students, particular, hobbies and on the story goes.
But remember – Your ad should direct users to the most relevant landing page. When a Facebook user clicks on your ad, they should be taken immediately to a page that is specific to the information or product in your ad.
Reading some of the case studies, I see using Facebook examples of a CTR of 8-12% and of course a positive ROI as you are able to get ultra targeted traffic due to the criteria you are able to target your ad to.
So, to create an ad you need to go to the following url- http://www.facebook.com/ads/create/
By the way, if you just want the link to the presentation, you can get it here -http://videosalesletters.s3.amazonaws.com/fb-salesvideo%20-%201.flv