clearly, wowio is not really selling any ads, the books i looked at had few or no ads (or ads for wowio itself which is... pointless). the vast majority of books on the site are public domain. there are a few "real" books, mostly from rosetta. their press release about giving away "a million dollars worth of ebooks" was clearly weasel-worded, they were attributing a price to all the public domain books they "sold", which are available from numerous places free
this model was tried by bookface back in 2000 or 2001, it failed miserably, and the same will happen with wowio.
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