The big thing here isn't graph search, or the fancy searching per se. The big thing here is this:
> "and meet new people, too."
This is huge. Huge!
Facebook from the start was envisioned as a sort-of dating platform but that part of it got swept under the rug real quick. Throughout Facebook's history meeting people with Facebook has been a slim thing. Typically it was always one way:
Meet in real life -> Add on facebook.
It's only a matter of time until Facebook tries to make it the other way around. It seems they're explicitly avoiding the "dating" route, which may or may not be wise (dating sides have some weird connotations among some groups of people). It looks like they've finally found their solution.
The amazing thing here isn't Graph. It's that Facebook is going to change its paradigm so that meeting new people is a viable goal of going on Facebook.
So eventually we'll be meeting people through Facebook, starting with meetup.com style interests. That's big.