Nice idea, but the implementation is pretty limited. I'll still bookmark it, and hope that a future release is more full-featured.
Google Advertisements make you seem very unprofessional at this stage and are a turn-off from a user perspective. I'd suggest dropping them but keeping the advertising space to display self-promotional material.
You can always swap out your own advert and swap in Google's later.
I disagree. I don't find a few Google ads offensive at all. It's not like it's DevShed.com or About.com, and covered from top to bottom in flashy mis-matched ad banners and towers. It's one strip of plain text ads. The overall feel of the site is a bit strange...a bit cramped and claustrophobic, perhaps. But the ads aren't the problem. I suspect the ads would fade out of focus if the site had a more open feel.