Does Facebook Graph Search change the way the people search on the Internet?

Facebook lauched Facebook graph search on 23 Jan'13.  Facebook graph search helps facebook users Facebook Graph Search

* to connect with people who shares same interest?
* Finding events where the friends are visited?
* Finding TV events, movies etc.

But, i can't infer from Facebook CEO Mark's Speech that  What value addition, it produces to searches? When one should use Facebook Graph Search? What kind of data privacy facebook provides to users?