I just installed this on one forum to test it out. A few comments...
1. When I have "Enable ads in search results" ads still show in the header and footer. As Lumpy said, technically ads really shouldn't show on many pages such as search results (that's the big no-no). For what it's worth I have been running header/footer ads for years and have never got in trouble, so it's not a big deal.
I would like to see ads on member profile pages, that is OK.
So I think what's happening is that I since I have header & footer ads on that it is on every page of the site (by your design).
2. I would like to have the ad show up with a blank white background. I do not like that it uses a similar shaded box with rounded corners as the background. If it's possible to change it to make it optional, either call "div class=panel" or not based on my (admin) preference. At least, I think it's the panel class that is causing the ads to show up in a box.
3. I would like to have the ability to show specific ads to guests only. For example, right now I show an ad after the first post but only to guests. Logged in users don't see it. Please consider adding that capability.
4. Please remove the loading.gif graphic. It's completely unnecessary and a waste of bandwidth. Or, at least give me the option to turn that useless graphic off, I actually find it distracting too.