In a move to help the largest social network compete with Twitter, Facebook announced an update to Graph Search that enables users to search status updates, comments, and posts shared with them by friends. While the new feature won't necessarily have people posting as feverishly about live events (like the Emmy's or the "Breaking Bad" finale) as they would on Twitter, this function will allow community managers to track posts by users about their brands, especially TV shows that people are talking about in real-time. Posts made by private users will not be available for non-friends or brands to review.
The functionality isn't live for all users at this time, so here's an example to make it a little clearer: if you wanted to know what your friends thought of the "Breaking Bad" finale, you could search for "Posts about Breaking Bad by my friends" within the last week. Then, all status updates, comments made on status updates, photos and photo comments posted mentioning "Breaking Bad" would show up in your Facebook search results.
It's a good move on Facebook's part, seeing as their hashtags seem to have fallen a little flat. We'll see if this update can help them compete with Twitter's recently-announced ad partnerships with CBS and the NFL, which will put real-time video into your Twitter feed.