I was not at the Facebook announcement in Menlo Park on Tuesday, so I neither drank the KoolAid nor felt compelled to respond immediately. I'm glad I waited. Facebook's new Graph Search feature is both a bigger and a smaller story than what most observers were expecting. On the one hand, this will now be an integral part of the product, a third pillar, as Zuckerberg described it, along with the newsfeed and timeline. On the other hand, for consumers, this is somewhat of a product in search of a use-case. I don't think that users have been clamoring for this—but marketers have.