Facebook Advertising Results - Actual Real World numbers

OK,

I have been playing around a little with facebook advertising. I am not going to get into specific offers here but I tried several including re-direct to some of the more popular facebook products (farmville, mafia wars, etc). I also used cpc and cpm.

I used above average graphics/creatives, well crafted ads and pretty specific marketing demographics (as best I could within the options provided)

Here are some brief observations:
The good:
#1 - There is no doubt facebook can deliver you an amazing amount of impressions - whatever you need, they can deliver - for 1 campain I had over 171,000 impressions in a 24 hour period.
#2 - you can make a lot of demographic targeting of your ad to narrow who is exposed to the ad.

The Bad (In my opinion)

#1 - The conversion ratio's are horrible

#2 - The click through rate is much lower than I could have ever dreamed - at this point on a /cpm basis the click through, even on my best ad is around .1% - yes, 1 tenth of 1 % that means 1 click/1,000!

#3 - On the ads I tried pay per click (average cost per click around .40 cents) they sometimes were displaying 2,000 impressions to get 1 click - now that was for a farmville product that is pretty common on the site.

#4 - The recommend price they suggest for both cpm/cpc is way too high in my opinion.

For those of you considering facebook I would say this - do a lot of testing before you commit a lot of money to this - they will deliver the amount of traffic you want to your daily budget no problem - but your conversions may not be anywhere near what you are hoping.