The social-graph is a reduced set of the internet. It is probably easier to search, but how will the results be better than Google?
You have control of your own social graph, you don't have control over who puts a page up for Google to crawl. You're using the authority someone has as part of your network to filter what comes in to the network - search only on sites that friends-of-friends have recommended and you're unlikely to get spam or sites that are hard to navigate or that won't provide a good service. If I'm looking for new outdoor equipment I could look at the online stores that fellow scouts have used and recommended and so save time weeding out the better stores.
Just my immediate reaction to your question. There are clearly benefits in both types of search. Also this presupposes that FB aren't trying to inject advertised offerings in to your social-graph based search; probably a bad assumption as that there looks like gold to me.
With Google's velocity, I think they're probably going to get to "social search" first (good luck to Blekko, but reliance on FB is not going to scale - especially when FB looks to monetize - social search is their meal ticket).
Doesn't not having a search engine trump having a big social graph when it comes to search? Building search engines is not trivially easy. It took Microsoft 10 years to get it right.
If I search for "digital camera", it might help a bit but if I were looking for the opinions of my photographer friends, I'd just ask them.
If I search for "us air strikes in libya" it might help but I would expect an algorithm to be able to find me some decent news articles without too much help from my friends. Besides, I don't want to live in my friends' 'filter bubble'.
If I search for "AT91SAM9G20 datasheet", I doubt anyone in my immediate social graph has even seen what I'm looking for, let alone +1'd it.
That's true, but then how many competing documents are going to pop up? The social graph helps give precedence when their are many results.
The Libya example is interesting. If you want outside of your bubble there is no reason you couldn't reverse the order and try to see news that none of your friends have seen (or at least +1ed).