I would not be surprised if FB is positioning itself to be the "front page of the internet". Many people spend lots of hours on Facebook and most of the time FB serves as their portal to current events, news, events, etc. Search is definitely missing, but I am sure that is in the works. FB is still a relatively young company and it's exciting to see where they are headed, especially now that they have plenty of cash to invest in the business.

Of course, this is all just conjecture at this point.