Facebook has made its big announcement and no, it's not a phone, but it is something that's been rumored almost as much, a Facebook search engine. Unlike the phone, Facebook did actually say that search is on the horizon.
It's not a true Google competitor, at least that's what Facebook's saying, but it is a big move nonetheless.
The Graph Search is in beta and it's incomplete. But what is there is enough to give you an idea of what Facebook is going for. Unlike web search, i.e. Google, Graph Search scours data available to Facebook, likes, activity, posts, apps that use the open graph and so on.
Not all of this data is available now, but that's the goal. You also don't use Graph Search like a web search engine, rather you ask it questions in natural language and Facebook will provide answers, not links.
The search engine is in private beta, you can join the waiting list but who knows how long it's going to take to get in.