Facebook, as you've probably heard by now, introduced Facebook Home today at a press event. This is essentially Facebook's way of taking over your Android device. You can learn more about it here.
The main feature of the offering is called the Cover Feed. This sufaces the latest photos and updates from your News Feed on your homescreen, and lets you navigate through them by swiping.
Facebook didn't show off any ads when they were demonstrating the product, but at the event, CEO Mark Zuckerberg did indicate that ads will be a part of it eventually. He is quoted as saying, "There are no ads in this yet. I’m sure at some point there will be.”
Last week, Facebook announced real-time cookie-based Facebook Exchange ads in the news feed.