@patio11
I've been working on precisely this sort of self-service ad technology for over a year now. Something that can help site owners run a pseudo-Facebook Ads service.
The product is finished and well worth a look. Only wish it was ready before NYT took the plunge :)
www.trafficspaces.com/tour/
I'd love for somebody to come up with something anywhere close to as good as AdWords for me... but I'm still looking.