A 1988 ad campaign for Red Rock cider in the style of Police Squad!, complete with none other than Leslie Nielsen, ended with the slogan: "It's not red, and there's no rocks in it".
Red Dog beer used the slogan "The logo is red, the beer is regular-colored" because many people assumed it was a red ale. Hopefully, they did not also think there were dogs in it.
Many commercials for Apple Jacks cereal mention that "they don't taste like apples" (they are somewhat apple-colored, but even that is a stretch). This actually became a major selling point for a while, with the premise being that Apple Jacks had that certain je ne sais quoi that people just like, even though they don't know why. Of course, "applejack" is more traditionally a strong alcoholic beverage distilled from apple juice (similar to French calvados), which ironically very few Americans would ever consider marketing to children (the target audience for the cereal).
A series of commercials for Rold Gold pretzels mentioned that "they aren't rolled... they aren't gold."
Comedy and acrobatic troupe The Flying Karamazov Brothers are, as of April 2011, being advertised in London under the slogan: "They're not Russian, they don't fly and they're not brothers."
Malibu Rum. According to the other wiki, it was originally made in Curacao, then in Barbados, and is currently made in Canada. It was never made in California and the ad campaign doesn't even pretend it was.
There are three brands of beer called "Bavaria" - one Dutch, one Colombian, and one Brazilian. There's also a brand of fire extinguishers called Bavaria; it's Egyptian (although originally German).
GM's Pontiac brand, esp. in the John De Lorean era, had a knack for using names from motorsports on cars (with the notable exception of the Trans Am) or trim levels that had no connection to their namesakes (e.g., LeMans, Grand Prix, GTP, etc.), and in fact, generally on cars that were not intended for any major racing series (or usually, not for any racing at all after the early 70s). Most blatant was naming the Pontiac GTO, which stood for (translated from Italian) "Grand Touring Homologated" despite the fact that Pontiac had by that pointdropped out of factory-supported racing altogether and would never homogolize a car for Grand Touring Car racing.
Payless's BOGO (which stands for Buy one, get one) is not a true BOGO, because you do not get free shoes. Instead you just pay half price for the next pair. It should be called BOGOHO (Buy one, get one half off)
The "Corinthian leather" advertised in Chrysler cars from the 1970s was made in Newark, New Jersey, not Corinth.
Many retail stores advertise a "Grand Opening Sale" several weeks after they have actually opened.