MySpace launches their self serve ad platform, called My Ads, tonight, which was first talked about a year ago. Like Facebook’s similar product, it allows anyone to quickly create a targeted ad and serve it on MySpace. Unlike Facebook, which only allows text ads, MySpace is only allowing display ads for now (advertisers would like both, I imagine). Users can choose between a 728×90 or 300×250 ad unit and can create an ad with pre-built templates and a Flash tool, or upload their own. MySpace ads are charged on a cost-per-click basis (Facebook allows advertisers to pay, at their option, on a cost-per-click or cost-per-impression basis). Ads are prioritized based on the maximum CPC rate stated by the advertiser as well as relative click information - meaning that, like Google, advertisers will pay less if their ads tend to be clicked on a lot.