This is an interesting article by Web Pro News:
In other words, it's not so much about what Facebook has unveiled, as
what Graph Search could evolve into. Could it evolve into a Google
killer? Probably not, but who can say for sure? The reality is that it
doesn't have to be a Google killer to be successful, and a useful tool
for Facebook users. More time spent on Facebook (especially time spent
using search on Facebook) has the potential to draw away some amount of
ad spend from Google to Facebook, which really could hurt Google to some
extent.
Facebook has a legitimate shot at being a real player in search because,
for one, it has over a billion users already, and for two, because it
can provide answers that Google can't. There is plenty of room for
Facebook Graph Search to flourish with or without Google dominating
traditional web search, because Graph Search is not traditional web
search. In fact, one of the first things Zuckerberg said when he
introduced the product on Tuesday, was that it is "not web search".
Facebook does utilize its partnership with Bing to add the web search element, and as Liz Gannes at All Things De writes, Graph Search should only help Google's case for increased competition in search when it comes to antitrust scrutiny.
Some have dismissed the offering as "not a big deal".
I'm not so sure I agree with that. Either way, we at least owe it to
Facebook to let the product show us what it can do before rushing to
snap judgments. Give users a chance to figure out what they can do with
it. Give Facebook a chance to move it forward out of beta, and add the
stuff it really wants to add.
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