Great a search engine that can search my friend's feeds and pictures. Really nice there, Google Plus already had that with their social network as did Linkedin and others. This is going to earn more revenue for Facebook, how?
Ho-hum, not really exciting.
If you want to earn more revenue for Facebook consider this:
Put in an eBook store with your own Facebook eBook reader for multi-platforms so people can self-publish ebooks and sell them in your store. Even download them in PDF, ePub, and Mobi formats for PDF readers, Nook, iBooks, and Kindle. Cross publish them to Kindle, Nook, Apple iBooks, etc as well. Join the ePublishing revolution.
Put in an App Store for Windows, Mac OS X, Linux, and other platforms and develop your own SDK to help people develop apps that Facebook can sell to earn more revenue. Document your Facebook API so developers can hook into Facebook features. Call it Facebook Apps or something.
Offer Cloud services of storage, virtual machines, web servers, database servers, email, and of course backups available for a monthly or yearly fee. You can offer free limited services and then charge for adding more storage and more bandwidth to the services. Build tools to help with content and media creation.
Facebook Phone? Nope, just develop for the Android, iOS, and Windows 8/RT devices to better integrate with Facebook via a series of applications. If you develop your own phone, some other company is going to out innovate or undercut you. Just develop for the more popular platforms and make deals with smartphone makers to offer discounts in exchange for sponsorship.
Facebook Ads for websites, something to compete with Google AdSense. Who by the way just rejected my AdSense application. It seems they reject a lot of applications. A prime market for Facebook or anyone else to tap into.