I just found out today about Current.com, a TV site that is essentially all UGC content. What is also very cool about it is that it has an area dedicated for users to create ads for advertisers. They call them VCAM's. Essentially what happens is advertisers open up a brief to Current.com's users, which they in turn go off and create amazing ads for products. Some of the brands that have taken advantage of this are Toyota, O2 and T Mobile.
Check them out here
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