As it stands, Facebook does not know all that much about us, and the ads that we are shown are not relevant as a result. The jury is still out on whether social networks can get big via highly targeted advertising. Early trials have shown that CPC is not a likely route and CPM plays are just not as interesting. Yet, Facebook is certainly very aggressively pushing for monetization, likely in preparation for a future IPO. Will they be able to turn it all around and re-invent contextual advertising? The company is full of brilliant people so it’s certainly possible, but so far it does not look impressive.