Facebook and Twitter both have what Google doesn't, the "interest graph" - Facebook knows what you like and Twitter knows what you like right now. We are alread

Facebook and Twitter both have what Google doesn't, the "interest graph" - Facebook knows what you like and Twitter knows what you like right now. We are already seeing 3rd parties build products based on your interest graph, but expect Facebook to continue to build products as well. One of the products that I suspect they will move to the forefront is search. They will become a direct competitor with Google, within the facebook environment. There are already signs of them moving towards this with inclusion of Bing results. Eventually these results could be catered based on interests rather than an algorithm that weights websites based on backlinks and only your "search terms" (IE: Google). Search terms + interest graph is a very powerful algorithm - especially as Facebook deploys "like" buttons across the internet which serve as "votes" similarly to how Google considers "backlinks" votes for a website. Also, remember that Facebook did announce the integration of Microsoft Office web apps within Facebook. Things are getting interesting. Facebook, while scary from a privacy standpoint, is definitely creating value and will continue to create value.