Brad said: "Why can't, for instance, me and my friends get together and pay for a newspaper advertisement or TV commercial explaining why we are for Candidate X? Why should WE get censored but Howard Stern or NY Times editorialists can espouse their opinions without limit?"
I'm sure you'll correct me if I'm mistaken, but from what I've seen, there is nothing preventing you from doing just that. Certainly you can take out the newspaper ad with no trouble; most of the reform is aimed at TV spending.
If you don't want your commercial aired within 60 days of the election, it's no problem. If you spend less than $10,000 a year on political advertising, no problem. (That seems pretty unlikely if you want the ad to be seen repeatedly in high-exposure timeslots, I'll admit.)
And even if it is about Candidate X, within 60 days of an election, then (from what I can see in my (admittedly hasty) research) it just means that the ad can't be paid for with "soft money" (i.e. money you gave to a PAC or to the Republican General Fund or whatever) and information will be collected about who is responsible for the ad. So if you want to pony up the $2,000,000 to run it every night for a month during Friends, you can.