Facebook Questions updated, revamped, and has been relaunched as a recommendation engine. The new version of Facebook Questions is much simpler to use than its predecessor. Unlike its previous incarnation, rather than keeping Facebook Questions as a separate page, the feature now works on profile pages, and within news feeds. Facebook Questions also lets users set up a poll with fixed answers or leave the question open ended, depending on the kind of question it is. When a friend answers, the question is posted to his or her profile, and their friends can also answer the question, though Facebook filters results so friends’ answers (rather than friends of friends’) appear first.
Facebook Questions Updated | What Facebook has to say
According to a recent press release from Adrian Graham, the product manager for Facebook Questions:
Like many of our products, Facebook Questions originated as people began using Facebook in a new and unexpected way. People would update their status with a question, and their friends would answer in the comments. We saw this and began thinking about how we could make this interaction more useful. Over the summer, we began testing Facebook Questions with a small group of people, and today we are beginning to roll it out to everyone.
We noticed that people were frequently asking for opinions (“what are your favorite restaurants in New York?”) or hoping to learn about their friends (“what was your favorite movie as a kid, something you watched over and over?”). For most of these questions, experts weren’t going to be the best source for advice. The answers to these questions are meaningful or interesting because you know your friends and your friends know you.
We wanted to make questions easier and faster to answer. With the updated Facebook Questions you can agree with an existing answer with a single click, or you can add a different response. This makes it easy for many more people to respond to you. It also helps us show you the most popular responses. https://blog.facebook.com/blog.php?post=10150110059982131
Facebook Questions Updated | How it affects business
Facebook Questions will allow companies that properly position themselves onsocial medianetworks to allow their information to go viral. Imagine being able to grow your businesses’ fan page and answer questions real time about your product or service when being asked! Learning and participating in social media is becoming more vital for small businesses, and with the recent Facebook Questions updated and revamped, more tools are available.

Great article Tom, I was just reading about this. Mashable actually released an article yesterday on why Facebook Questions will be big for small business.
“The feature, which Facebook rolled out to all users March 24, functions as a recommendation engine. It also presents a major opportunity for businesses to conduct market research and crowdsource in a far more elegant way than was previously possible, according to Ben Grossman, communication strategist for marketing agency Oxford Communications.
“We know from Nielsen that recommendations from friends and family and the opinions of online strangers are the top two most trusted forms of advertising,” Grossman told Mashable. “Facebook Questions offers the perfect opportunity for brands to tap into exactly that.”
NOTE: Page owners can access Questions by logging into their page and then heading to the Questions page to enable the feature. For detailed instructions, click here.
Brands, businesses, groups and organizations can then use Questions in several ways. For example, Grossman said:
-Ice cream parlors can find out what the flavor of the week should be.
-A gym can find out what time is best for its new hip-hop yoga class.
-Radio stations can determine the hottest concerts for the summer.
-Manufacturers can do a pulse check on fans’ holiday shopping plans.
Read the whole article here: http://mashable.com/2011/03/27/facebook-questions-for-brands/