Pretty cool camera there... My father holds a patent for a camera that would have taken two pictures - one in color, and one in black and white although the lenses were one on top of the other, not side by side like that one... It was never developed which I think is a shame (at least as far as I know it was never developed, but now that I think about it I wonder... Do you know what year your “ad” was published in by chance? From the looks of it I would guess in the 50s? If so, that was before my father sent his ideas in...). The B&W/Color camera, I think, would’ve been a pretty cool thing back when we all still used regular film! :)
U.S. Pilot Ordered to Shoot Down UFO Over England (Fox News)
I think the picture is hilarious, because it was presented as if you could just walk out there and snap away, when we all know that it takes amateurs hours and hours to string up those aluminum pie tins between trees.
Perhaps it was a sop to the masses during the Cold War, a way of projecting the idea "See?!? We're doing something about it. "
As to your Dad's patent and not knowing anything about it, I can only guess that maybe nobody thought there's be enough public interest to put venture capital in a camera that had to have two different rolls of film. (And black and white's could be made from color negatives).