"We will begin enforcing this policy on 2/28, which should provide you and other developers the time required to switch ad providers or to help us sign terms with the ad providers you may be using," Allison Hendrix wrote on the Facebook Developer blog. "We will continue to add other ad providers in the coming weeks. If your ad provider is not on this list, we encourage you to contact them to determine if they are planning on signing our terms."
The end result is that the advertisers have to agree to Facebook's terms or they're out of luck. While Google declined to comment, Facebook told AllThingsD, "We are continuing to work with various ad providers and will add them to the list as they sign the terms. Note that the policy doesn’t go into effect for a few more weeks."
It's not surprising that Facebook wants to cut Google out of any profits they can. And it only makes sense that Facebook wants to be able to beat Google's ads on its own turf -- they should be able to. It's just surprising the social network waited until this long to do it.