Facebook announced Graph Search, a new form of Search based on users’ individual social graphs. The new functionality, which is only available in Beta right now, will allow Facebook users to search for people, photos and places – all through the lens of their friends.

Content that used to slide down a user’s Newsfeed is now potentially ever-relevant as users can search for people, places, photos, and similar interests.

Facebook search has long been one of the untapped resources within Facebook that will now become more usable by members and likely, more usable by brands going forward.

The simple fact that Facebook users can find what other friends are fans of Ford Fiesta or have liked a brand application may drive more discovery. This new search functionality may also breathe new power into the object “like” as users can search for a most liked post or piece of content, and brands will be able to capitalize on their fans as true word of mouth evangelists.

Here is our REPORT that examines the opportunities and implications for brands.