With testimonial ads from actual customers what disclosures are applicable? Do we have to say they are opinions and not compensated for giving them?

I would not think you need to state...opinions...or not compensated as long as you have a signed release from them stating what words you will use of their testimonial and where. The average person will 'assume' the testimonial is genuine since they can call them direct to verify. Personally I would try to pick customers who are positive and sociable....and with a unique relationship or service requirement comment.