The only real thing I think needs to be done about political ads is that they need to be treated like an actually commercial, meaning you can't make stuff up.
Take for example, an advertisement for a cookie. A company is selling a sugar cookie. They obviouly want people to buy their cookie but realize through their studies that chocolate chip cookies sell better. They decide that if people would just taste their sugar cookie, they'd like them, but they need people to go and buy them in the first place. So in the ad, they say they have the "best tasting chocolate chip cookie in the world".
People go out and buy a package of the cookies after seeing the ad and find that it is not a chocolate chip cookie, but a sugar cookie. That's false advertising and while the sugar cookie might be good, it's not what the people wanted.
In the same line of thinking, you shouldn't be able to just make stuff up and put it into a political ad. If I was running for political office, I don't think I should be able to go on television and say, "My opponent is for giving control of the United States Government back to the British Monarchy, is actually an alien from a distant galaxy, killed Jimmy Hoffa, and thinks that we should destroy the Statue of Liberty".
Yes, that is "Freedom of Speech" but it's also blatant lies so I could win the election. Just because I have more money than my opponent, I should be able to dominate the air waves with nothing but lies?
I think we need to have regulation of political commercials. I think they need to be TOTALLY factual, NOT misleading, and actually be focussed on the ISSUES.
I totally expect that by the end of this election, both sides will be saying that Osama Bin Laden and Al Qaeda want the other side to be elected.