I have enabled iAd for an app of mine and I have submitted it to Apple a few moments ago.
Meanwhile, I see this message on iAd for the app Testing: This app is receiving test ads. This app's status is not yet Ready For Sale. You have not configured ad preferences for this app.
I have not configured ad preferences? What ad preferences? I just see a button ENABLE/DISABLE on iTC.
There are a few 'preferences'.
"Age of target audience is under 17" and "disable ads with specific keywords" are the only two I can think of though.
You won't see proper ads when you are testing though, you'll only get those when your app is live.