The past years have definitely pushed Microsoft away, got Facebook on the big screens, and furthermore emphasized Google's dominance. Now it is more of Is it Facebook or Google?
Well, Facebook is by far the best social network and its strength is not in its so-called internal graph, but the integration it supports with different applications and its own application platform. On the other side, Google is the user's number one search engine and losing this edge can prove costly. Yet, another edge is Android, something that Facebook has left to the future: I would not be surprised to see a Facebook OS: That is cool!
Apparently, it is clear that Facebook wants to have a bite of Google's share in the search engine market. Will that succeed? To a certain extent, every service Facebook launches will be colorful and wow! You have the social side that is missing Google. What makes it even better is the fact that Facebook has a brilliant team; Well, so does Google.
Facebook's Graph Search will most probably do what is advertised! You will be able to search "what is the best book" and "where should I eat". It it awesome; With this Search, many will probably opt out Google for people tend to prefer search results related to THEM/ME and not just any search results. Yes, true but this will prove to be a very hard task and launching the graph search is just the first step in a million steps journey.
First of all, Facebook's search has a stinky reputation. Have you ever tried to search for someone on Facebook! You should either spell the exact name or spend hours checking the results. You probably have more luck seeing him on "People you may know" section! Facebook will have to spend more than a twitter Trend and some Facebook shares to advertise this new search.
Secondly, Google chrome is one barrier Facebook must overcome. Not all average users will change their search engine. With almost a 50% share in the browser usage, Chrome stands in the face of Facebook. Google still have some cards to play and I believe they will do it sooner not later.
Thirdly, we should be aware that Google's search is not entirely anonymous. It is actually integrated with Google Plus; Gmail; and, more generally, any Google account. I am not sure if that is stated somewhere but you should try to notice how search results evolve on Google (for the same search/query).
Finally, the whole world is moving to mobile and Facebook's main concern here is advertisements' revenues cut-off! They may manage to put advertisements in their mobile apps but it is not a pc whatsoever. With Google's admobs, it is really hard to match their pace. Yet, Android is the sword of Damocles hanging over Facebook's head! Android is a Google product: Google search will persist there until a Facebook Phone emerges from somewhere.
A good conclusion would state that Facebook's Graph Search is very important step right now. Definitely, it will be totally awesome! But, least to say, old habits die hard.