Not sure if anyone has mentioned this yet, but if you watch the video on the bottom part of the page with Zuck, one of them explicitly says how this product competes with Google. Something about how if two people search for Apple on Google, they'll get the same results, but if they search Apple on FB Graph Search, they'll get personalized results. It's really interesting from a technology perspective the way that search is becoming personalized, and we've definitely seen Google eyeballing search personalization, but it's been limited pretty much to geo and the limited info on G+. Facebook is uniquely positioned to use the volume of data on each person to provide more meaningful results.

From a revenue perspective, I think this is definitely competitive to Google. Not saying it will succeed, but businesses will definitely see value in advertising to hyper-specific segments and personal groups. It sounds strange to say, but I do think UI and speed will be key components of whether FB GS will do well. Search is a convenience market, and if FB GS isn't convenient, Google is always one click away.