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SocialMedia, although the site itself is currently just a holding page, aims to be a network for Facebook apps and MySpace widgets. The company provides scalable hosting and promotion through the network; they also run an ad network, giving 50% of revenue back to application creators.
While putting ads on MySpace widgets isn't yet allowed, there are a couple other players in the Facebook ad network space, including Lookery and fbExchange.
SocialMedia's founders include Seth Goldstein and David Henderson of the lofty attention-tracking service Root Markets, and David Gentzel, whose successful MySpace widgets Trakzor and Flikzor we've covered here before (there's now also a Facebook version of Trakzor). This team has all the right people to make it work.