Editorial content is what I put out on this blog. It is unpaid (for the most part), opinionated content, often posted out of genuine interest and desire to inform others. I feel as though this blog could, in the future become monetized and used for more than just unpaid editorial opinionated work. However, the appeal of editorial content is the reliability that you are getting real unpaid/not promoted content, creating a certain form of reliability. I view paid content differently than someone giving me their genuine opinion on something.
Advertising content is content that you (as a blogger) are paid to produce and put out to your followers. Often times, this content is negotiated between you and the brand you are being paid to promote. You will be given certain rules (or parameters) to abide by within your post. You might be asked to use specific wording, ask for approval before posting, include specific (sometimes tracked) links, and send out the branded content at a certain time of day.
What about content advertising? Content advertising is a bit different, in that it is content produced with the intent of promotion and paid distribution.