On the iPhone, even the ads are cool. Mobile advertising network AdMob is launching a whole new set of customized ads for iPhone apps. As CEO Omar Hamoui explains in the video above, the ads are specifically designed for iPhone apps. Rather than the static text or image ads that make up most of its mobile ad inventory today, these take advantage of specific features of the iPhone.

For instance, an ad for a song can stream the audio or launch the page on iTunes where you can buy it. A movie ad can open up YouTube so you can watch the trailer. An ad for a retailer can find nearby stores on Google maps. Others call a number through the phone, or can take you to a specific Web page. And just like on Facebook,where many of the ads on apps are simply promotions for other apps, an ad for an iPhone app will launch the App Store. (See video below).

To get iPhone app developers to sign up for his new ads, Hamoui is giving away $1 million worth of advertising to the developers with the most compelling apps who apply here. Each developer who is selected will recieve $5,000 worth of free ads for their apps.

Admob already serves up 34 million mobile ads a month on the iPhone’s Safari browser. But that is a mere one percent of the total that AdMob serves across all phones. Hamoui, however, believes that the new type of ads he is launching today will quickly make up the majority of his inventory. Some of the advertisers he’s already lined up include Ford, Electronic Arts, Land Rover, Jaguar, “The Mummy,” Loopt, AccuWeather.com, and MovieTickets.com.