I am looking for an ad serving solution.

Here is my list of wants:
1) Provide the potential advertiser with a real time measure of what sort of traffic I am providing
2) Give the advertiser the ability to sign up, purchase and manage their advertising assets online through a control panel of some type
3) The customer should be able to specify the price that they want to pay with PayPal - CPM or CPC or days
4) When there aren't any customers to fill an ad space, I should be able to create a default campaign with ads from a large ad network (Tribal Fusion, Value Click, etc)
5) Geolocation would be nice
6) Frequency capping (number of impressions per hour/day/week/month and per user session) would be good
7) Written in PHP/MySQL
8) Image upload support

I have been looking at Ad Manager Pro and it is very, very close to having everything, but it doesn't allow the advertiser to name their own price.

Does anyone know of a piece of software that can do all of the above things?

Thanks.

You can try the free PHP script Openads (http://www.openads.org).
It has most, if not all, the features that you specified above.

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I would suggest you to develop your own ad server, with all features you want. You can't expect good reviews from publishers and advertisers if you are using a free or opensource software for such purpose, as these softwares are usually more open to hacking stuff.

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I wonder if someone will be along tomorrow with the perfect solution?
</cynicism>

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And how can we win, when fools can be kings

Let's wait and see. That would not surprise me a bit.

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Can you please tell me why open source softwares are less secure or more open to hacking stuff. I used to think they are more secure and less prone to hacking attacks because they have been tested a lot since it is open source. Tell me some of the softwares which are open source and are not secure or open to hacking attacks.

i use openads for my adserving and they work perfectly. it provides me with most of the details i would like to see.

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Actually it is the reverse.

http://www.webmaster-talk.com/php-fo...-then-asp.html

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And how can we win, when fools can be kings

I'm using OpenAds, and it's pretty good. They only problem is that it's rather complicated to set up.