i received a webhosting and it seems great, how about you guys think?

they are providing

-. Absolute Free Web Hosting
-. Unlimited Web Space
-. Unlimited Bandwidth
-. Free Domain (not sub domain)
-. Free Service Support (MYSQL, PHP,ASP, etc.)
-. 24/7 tech. support

because it is a limited time offer, so i am thinking if it is good for me to accept this offer? any good suggestion?

First of all, in the paid hosting realm, ulimited space and bandwidth is impossible.Therefore, it's even less likely for free hosting. I would expect poor uptime and support from a provider offering these services for free.
But then again, it IS free. So I guess you've got nothing to lose but your site.

They told me that they are using Peer1 network in Toronto, which is quite reputable here. The only thing that I'm worried is that the advertisment spaces they wanted on my website. I'm afraid the ads is going to destroy my site.

For free web hosting, putting up advertisements is a common exchange. Personally, I don't think advertisements will destroy any websites if you go about it carefully. I also provide ad-supported web hosting but my advertisements are more customized and personalized.