Along with the new changes that Facebook announced to the timeline for business pages on February 29th, was an announcement that advertising options would change as well allowing more pages to use advertising options that had only been open to really big advertisers. So far I have only seen a few changes in my advertising control panel.
For most business page owners, you will see the same advertising options that I see for my own business page, and this is due to fan base size. I see the option to do Facebook pay per click advertising or sponsored story advertising. The additional new option that I see in my account is that I can actually select a specific update to promote as an ad. The new created ad then allows others to like my ad or to share the ad. Liking the ad will show the ad and information on all their Facebook friends profiles as will sharing the ad. This is an important new viral way to get your message out.
I have not yet seen advertising on my personal wall or timeline, but Facebook tells us that it IS coming. At this time it appears that you can still do regular pay per click advertising and use an external URL for the landing page which is good news. New options now also allow you to select a specific tab in your Facebook business profile such as your resume, links page, notes tab, etc. as the landing page for your ad as well.
Facebook advertising is still a good value at this point, but my feeling is that you may get more value by actually advertising in the Google Display network than from Facebook at this point.