It looks quite interesting and it does shoot real 16:9 I think. However it's a LONG way down from a broadcast camera. If nothing else just the lens quality will let you down.
However if most of the ads content is generated media then you may get away with it. You should also give a lot of thought to the audio in your ad, that's more important than the vision.
Bob.
camcorderreview.com just posted a review, they like the panasonic gs 400 better. For the simply fact it does not have touch screen controls for manual control.