This is essentially (finally) a direct competitor to Google from Facebook, but taking a different approach.
Josh Leichtung's insight:
Facebook's search is quite different from Google's. It allows users to search their social circle for advice, interest, etc... Search for friends that live in San Francisco who like Doctor Who. That's pretty tough on Google. Well, impossible really.
This is an enormous turning point for Facebook. I'm not sure why Facebook stock is down, while Google's is up today. Someone explain to me why the market doesn't appreciate the step Facebook took today. Please!