It is, as the New York Times describes, Facebook's effort to create a system of satellites for its users to share content with friends. But the community pages and "like" buttons aim to control more of a user's interactions with content and sites.
Facebook would like the implications for media to be clear: Get into its orbit or find yourself lost in space. The monetization opportunities abound.
Then again, a coalition of sites is creating a new system to share content across networks, not just Facebook. They're propelled by Meebo and include Google and MySpace.
For news organizations, this has some positive qualities in providing additional means by which content can be shared. At the same time it is wresting some control from the creators and vesting it in the intermediary.