I really wasn't sure what to think of my results, so I tried the CPC ad a second time to make sure it wasn't the day or an anomaly, and got the same results. So the next step was to change my bid. However, I did get a comment from Sue Anne that read:
According to what I've been told, Facebook gives you less slots in the rotation on a CPC campaign vs. a CPM campaign. It doesn't actually matter what your bid price is on the CPC, it's still going to get less views.
However, I went from $1.00 to $1.25, and boy did the results change. 81,094 impressions and 9 clicks (avg CPC of $1.11). At $1.00, I only saw about 5,000 impressions and no clicks.
Based on my extremely scientific and flawless research, my recommendation is to go with CPC and bid a little bit more than the highest suggested bid. It may cost you a little more, but you will get more impressions and actually get some clicks.
Now to track what those folks did who went to my site...