With an IPO (and constant rumors of a Facebook phone or mobile device) coming in the near future, this makes sense on the surface…

Facebook Plans First Foray Into Mobile Ads – Bloomberg: “An idea being considered is putting Facebook’s Sponsored Stories ads, which feature friends’ interactions with brands, within the mobile News Feed, said the people, who declined to be identified because the plans aren’t public. The News Feed lets users view status updates, photos and other content.”

The question becomes one of value to advertisers and the constant pressure of ad dilution due to supply and demand of the spaces. Certainly, eyeball numbers are no problem for the world’s most popular web destination. However, advertising on social spaces, especially ones considered to be more intimate and “personal” such as Facebook are a different beast altogether than advertising on traditional platforms.

Does Facebook have the ability to blend its already popular mobile experience (more than 350 million mobile users according to Facebook’s latest numbers) with its web-based Sponsored Stories stream of ads or will the experience be something different akin to what Twitter does with Sponsored Tweets on its mobile interface? That’s yet to be determined until the ad stream officially rolls out.

What can be determined if Facebook does deploy mobile ads is how effective Facebook continues to be (or not) at eating into Google’s marketshare of web ad inventory and delivery. If Facebook can pull off a successful launch and provide decent conversion rates, it should ring even more alarm bells at Google HQ in Mountain View.