Mark Zuckerberg just announced a huge new feature: Graph Search. This is where things start to get interesting.
This is going to add a whole new layer of search opportunities to the social component of the data Facebook has been collecting form us over the years.
There are now three pillars to Facebook: the Newsfeed, Timeline and now Graph Search. This is being positioned as a huge win for users, for marketers and their partners.
Location and places now have more utility as users can search for frinds who have visited specific location - access to your friends reviews and feedback will now be easier than ever before. Imagine the implication for car dealers as users search for instant feedback on user experiences. this may also become more important as Google still struggles with their local review issues.
There also doesn't seem to be any privacy convern over this as this is simply making easier to access information users have already made public before. This is simply a new way of allowing users to answer specific questions - it also lets you use likes as a query and lets you search photos.
Ultimately, this looks to be an excellent search engine simply being applied to all of the rich, structured data within Facebook.