No help on the advertising, but I must say your front page video is amazing. I desperately was looking for a link like "Fly now!", "How to race!", or something similar. Join is a big fat wall to make an account. Might be worth AB testing the main page. Pilots and Photos were not what I wanted to see, I wanted more videos and a big fat link to the guide section. Maybe worth AB testing the order of the links with the Guild and Video on the far left too.

In the guide it would be worth mentioning that the Hubsan X4 only records video from what it looks like, it doesn't transmit. It also mentions that there are ready-to-fly quadcopter, but doesn't have any links. While it isn't much, having a good resource center with affiliate links can bring in some extra cash while you get your startup off the ground while at the same time teaching the user base.

Edit: After thinking about it what was missing was a call to action page that showed if I followed steps A-G I could fly in a race too. Along the way I would need to make an account to find others in my area, start a local group, learn about regional races, etc. I am guessing that guiding new players is your primary challenge for long term growth?

Edit2: The events page should have a form so you can be notified when there are local events. I am guessing your larger market will be those that want to watch/goto the events so providing them with a way to get involved is funnel #2.