Update: this is true and will be rolling out in March. Right now they are planning to get rid of small budget advertisers and Facebook Premium Ads will be sending out requests forms to advertisers.
I am an avid advertiser on Facebook and I try to keep up with the news on the platforms I advertise on. I just found out about that Facebook will be phasing out their Classic ads. I am not sure how true this is, but the word is that their new Premium Ad service will perform 40-80 percent better.
Here is a slide I found on Slideshare about it...
As I know as of right now, 9:22pm/2.21.2012, there are going to be several new changes and enhancements. One aspect I like is somewhat different aspect of the image size from 75 * 75 to 168 * 128 - a change from the traditional 107 * 80. There are also going to be different ad variations too from video to questions and events to status updates.
I think the goal of Facebook new ad platform is to create a more social interaction type of a community, where users actually interact with ads. For example, to really utilize the new ad platform you would need to have a current Fan Page. The reason is because a status update can be used to advertise as well as poll questions. Interesting.
As far as reporting and more flexibility on day parting or even frequency cap, I do not know. I do not even know how true this is as I can not find anything on Facebook blog or the major Facebook bloggers such as allfacebook.com. Once I receive an official email from Facebook Ads about this new change, I will simply ignore my discovery.
... but if it is true, then I can't wait to test some of the new features out.