The first things you should notice are the requirements, like education and years of experience. If you don’t meet them, don’t waste anyone’s time unless the ad is written to be flexible, with words like “preferred” or “A plus.”
Read an ad like a story; get a sense of the tone and whether the ad is structured or unstructured. From that you can get an idea of what it’s going to be like in that job and at that company.
If the responsibilities are ambiguous, that’s a reflection of how much latitude you’re given in a position it can mean, “come and make your mark.” If a job posting mentions lots of dependence on teamwork, then it is a consensus environment, and you’ll have to be a good internal negotiator and not an individual performer.
Pay attention to what’s not in the ad. If it doesn’t state salary, that can be a good thing, because it means it’s negotiable. “Competitive salary” means “we’re in the ballpark, but we’re not naming a number because we might be able to get you for less.”
Pay attention to where an ad is placed. If it’s posted in multiple mediums, that’s an indication of the company’s desperation to fill the job.
If the ad appears in a trade magazine, the assumption is that it is a very specialized position.
The size and cost of the ad is reflective of the seniority of the position and the salary level: You’re not going to take a quarter-page ad in the Wall Street Journal to fill a low-level position.
Ignore any information that sounds like they’re trying to sell you something.