So last night I was upgraded to participate in the Microsoft Content Ads Beta program. Now I only see a way to place my ads, as an advertiser, in the content network. I do not see any way as a publisher to place these ads on my web site and get paid for clicks. The added feature for advertisers is under "Targeting", it says "Select a distribution method for this ad group." You can check off "Search" or "Content" or both. Here is a screen capture, fyi - the question-mark icon doesn't currently work for me (says forbidden access).
This is a limited beta, so many of you won't see this added feature, I believe. I'll keep you posted on what I can, as a I learn more.
More details on Content Ads at About Contextual Advertising on MSN and out past coverage of Microsoft Content Ads is always available to you.
Forum discussion at Search Engine Roundtable Forums.
Update: Marketing Shifts claims Microsoft pre-launched content ads on Microsoft's MSN Money Central. On this page there is an ad at the bottom that appears to be a contextual ad, but with no named provider.
This is what the ad looks like:
Also, MSN did tell me that a select few sites are pre-testing this feature, so it does make sense that Microsoft would test it on their own properties.