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What it's building: Graph Search, a powerful new search engine which people can use to find people, places, photos, and interests, CEO
Engineers demonstrated how the search tools can be used for recruiting, dating, and local-business searches, among others, launching Facebook into competition with a host of companies it hadn't previously threatened directly.
Hundreds of thousands of people currently have access to the new search tool, a small fraction of Facebook's user base.
Zuckerberg emphasized that Graph Search was very different from Google and Microsoft's Web search, though it does use Microsoft's Bing as a backup when it can't find relevant answers within Facebook's databases.
Here's our blow-by-blow account of the announcement: