Update: I just ran another Google search today (two days after the original post) and Blackboard's ad no longer shows up. It looks like they may have pulled it. If so, good for them.
A friend of mine sent me this ad, which appeared in his GMail account. Blackboard could have its ad show up with the key search terms "open source" and "LMS" (which I wouldn't object to in and of itself) without having to have the words "Open Source LMS" headline its ad with a hyperlink (thus giving the strong false impression that Blackboard's offering is open source). To prove this point, check out the ads that appear when I search on those terms in Google:
Note that all of these ads are for proprietary LMSs, but only Blackboard chooses to actually use the phrase "Open Source LMS" in the ad text itself.
Blackboard needs to take this ad down. On the eve of their self-destructive court case with D2L, the last thing they need is another self-inflicted PR wound from an ad that misleads people who are searching for an open source product.