Starting price: $1000 damn dollars, cash on the barrel. (If you buy a campaign over $10,000, you can put it on your credit card, yay.) And no, no Linden Dollars, please: "At this time, we are only able to accept payment for ads in USD."
Despite that nosebleed price, this is a pretty great opportunity for SL content creators to get in front of their core target audience; the official website gets about 300-400,000 unique monthly visits by regular SL users, I'd estimate. Some of the top Second Life land barons can easily afford to pay $1K-plus, so expect to see ads from them soon.
If you're a content creator who's not rolling in SL revenue, here's what I'd advise:
Join with several other content creators to create a federation, and split the advertising costs among each other - the ad itself can go to a SL Fashion Network landing page (for example), which has multiple links to multiple stores. Definitely worth a try. I'm actually wondering if it's worth trying that out with some other SL bloggers. But the clickthrough rate would have to be pretty kickass.
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Hat tip: SL content creator Froukje Hoorenbeek.