Here are some things where smart AI could help: 1. Better filtering of spam bots. 2. Better filtering of ads that would significantly improve ad quality. 3. Smart assistant that learns your habits and makes smart suggestions such as: which events to attend, your writing style, and filters immediate notifications based on personalized importance score.
Or Facebook could exploit machine learning/AI techniques to simply drive up click through ratio on their ads.
Recognize your romantic partner using FB network[0]
I'd imagine projects that group similar topics (i.e. these people are all in front of the Great Pyramids or these people are all taking pictures of their babies) which probably will help group/filter content
People are already used to people saying and doing dumb things online, so something that is nearly "smart human like" is a big advance (on average).