I exaggerate only a little bit.

http://mashable.com/2009/06/16/facebook-search-2/

Facebook is testing a realtime search engine for users’ news feeds that will challenge Twitter search, the company revealed on its blog today.

Say what you will about Twitter, but the Iranian situation has shown that its real time search feature is unmatched in providing live information just as it’s happening.

Not Google, not CNN, not Ron Burgundy can match it in reporting breaking news first, and first hand–and as the site continues to grow it’ll only continue to get better.  Let’s face it, it’s still very very underutilized as it is.

Imagine then if/when this becomes fully launched on Facebook. Currently we’re getting information overload from just 5-6 million Twitter users, of which it’s been reported that 10% of whom provide 90% of the tweets, so imagine what we can get via 200 million users (and still growing).

Even the almighty Google or Microsoft will have absolutely no ability to compete with them on any level, given FB’s current user base.

If implemented correctly, Facebook’s current valuation of $10 billion will be multiplied by many many times.