Many startups exist because they simply make Facebook data more useful. The simple formula is taking your social graph data and presenting it in a new UI such as a map, images, pinterest syle format, etc.
Graph Search is step one in building the foundations so that users can do this without leaving Facebook. Does that mean this will accelerate the demise of all the startups I mentioned above? I don’t know– that’s a timing question.
The current product as it is leaves a lot to be desired, but the vision and mission the Graph Search team (making users’ social graph data more useful) is really a no-brainer and it’s not hype to me when I hear Zuck is calling this one of the important pillars of Facebook.