Apple announced the launch of their own in-app mobile advertising network. The iPhone OS 4.0 (also included for iPod Touch and iPad 4.0) is called iAd.
The ads will take the form of mini-apps in their own right, complete with video and interactivity. Promising a stunning experience for the end user.
Apple will sell and host the ads, and app developers will keep 60% of the revenues. The ads will be in HTML5, rather than Flash. (See: Apple Says No To FLASH)
There was no news on whether this means a ban on ad units from other networks like AdMob and Google Adsense. It's worth noting that Google purchased AdMob at an incredibly over-inflated price. A price based on AdMob's revenue from the iPhone.
I have a bunch of articles about the really poor service provided by AdMob over the past couple of years. Ha! It all comes out in the wash!