The operation couldn’t be completed. Ad inventory unavailable
I'm working on an iPad app that uses Apple's iAd network. The test ad appeared fine in the simulator, but when running on the iPad, the ads would never show. Checking the debug window, I found the following error: "The operation couldn’t be completed. Ad inventory unavailable".

After beating my head for a while, I checked the time on the iPad and found that it was 8 minutes ahead of the real time and the time zone was set to Dallas instead of Chicago. Resetting both the time zone and the clock, I went back and checked the ad. Sure enough, the test iAds started appearing. There must be some correlation between the local time on the iPad and Apple's servers.