This has nothing to do with entertainment, or the kind of censorship the moral conservatives would be interested in. It's way off topic. It's not even full "censorship"- there's nobody stopping the creators of such an ad from putting it on Youtube, for example. It just can't be broadcast on TV.

To address your comment somehow- the law you cite is probably unconstitutional. It was struck down by the Supreme Court once before, before being modified and passed again. I doubt the present form is constitutional, since it obviously does restrict speech.

Ironically, you, me, and the far right are the ones who most agree the law is bad :). Conservatives hate that law much more than do liberals. The conservatives' argument is "money is speech".