Here are my thoughts on facebook ads.
First off, I'd say around 95% of my ads get approved. My ads are also getting approved very fast, always within an hour, usually within 15 minutes. My ads get approved the fastest from like 5-9PM EST on weekdays. I'm also not running any dating ads or anything like that, so that may have something to do with it.
I have an ad with a .06 CTR, with a recommended bid of $0.44. I am currently spending $50/day bidding $0.25 with an average CPC of $0.22. It does take the whole day to hit the limit, but I do hit the limit each day.
In the beginning I was under the impression that you could only run offers with payouts greater than like $5 since the CPC is usually to high to convert lower offers. This turned out to be wrong. On a few campaigns I am bidding around $0.30 - $0.35 and breaking even with offers paying $1.30/lead.