Eric,
I'd like to say don't waste your time scraping ads to see what everyone is running and gathering data from other people's campaigns until you figure out what is profitable. Your time is better spent making your own campaign, testing offers and a shit load of images to find the ones that get you insane ctr. This weekend I had an ad doing .876 CTR for a few days until FB found it and disabled it. It's a matter of resubmitting and resubmitting until they get through. Hell, they don't even have to be a chick in a bikini bent over backwards sucking on a banana pouring milk all over her. Just keep pushing images with a lil bit of cleavage and you'll be alright. Our cpc was .02 over the weekend and we were just dl'ing to dating.
If you start testing a few offers, try them on other networks. You will see that they convert differently due to a variety of reasons (different tracking platforms etc) but you'll find one that just converts like crazy.
Stay strong, no question is gay. In theory, yeah an offer should convert out of the gate given your demos are more or less on spot and your tracking is good. If you're sending clicks and not getting any conversions, it could be some of these reasons:
1. The offer is ass
2. Your demos are bunk
3. The network has already reached their cap given by the advertiser.
Don't let it discourage you though. Just set your campaign to start earlier than usual so you can get in on the conversions.
That help?