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Popular Threads
I think that Facebook Page is significant because it is basically a recommendation directory that will be used mainly for local businesses. It will be a great way to find good restaurants etc'
I guess college students don't play beer pong.
I have to say, I'm very impressed with it.
One slight amendment to your post - you can't make brand pages friends, you can only declare that you are a 'fan' of them. This is then declared in your Feeds - it is important for Facebook to make a distinction between Friends and Advertisers.
The Social Ads model is very clever too. An advertiser will upload a product tag line and a product image. If a user interacts with an ad page an update will be included in the feed and this will be combined with the ad message. (Eg if I bought a new pair of trainers my feed would describe my action, credit the brand and also show a picture.)
Rather than being a Google killer it has the potential to be a Google alternative - trust referral vs Google referral.
I have written a bit more about it on my blog here: http://www.nickburcher.com/2007/11/owen-van-natta-from-facebook-presents.html and will update this once I have had the time to play around a bit with the new Facebook system - planning to create a www.nickburcher.com page to support my blog!
I'm very excited about these developments.