Graph search FB'S new search engine

Well we're talking about a search engine. CEO Mark Zuckerberg says they don't want to let people search the web, they want to help people search the social graph ... And that graph is huge.
The challenge of graph search is that every piece of info has different privacy controls.
The screen behind Zuck says "You can only search content that has been shared with you."
Facebook is trying to address how its content is different from the broad web and make that unique content searchable.
Zuckerberg is explaining how this announcement is different than web search. Instead of delivering links with answers, this is just delivering straight-up-answers ... Like "which of my friends live in San Francisco?"
"Results are ranked by people you care the most about, rest are sorted by mutual friends and other signals in Facebook system."
"In order to get really the power of Graph Search you have to see it for yourself."
Zuckerberg says that the company has spent a long time working on this. He gets a big laugh from saying that what distinguishes Graph Search is filters.
Right now graph search just focuses on people, photos, interests and places -- but there will be more later.

Bottom line: instead of having to search the Internet, people can search THEIR internet ... their personal online archives (which are their Facebook friends)
Who does this compete with? Google, and the failed Google+ endeavor, which was itself a social graph.