It sounds like its big news, you can connect your Facebook users to your iPhone,  but what does this really mean and how is it useful?
So here is the deal. If you are a developer or a marketer looking to develop or improve your current application, you can now do the following:

• Users will be able to connect their Facebook account and information with your iPhone app
• Users can connect and share experiences with friends who also use your iPhone app
• Share user information and actions on your iPhone app with friends on Facebook

So in other words, you application can take advantage of the vast network that Facebook has created and essentially you can circulate your application like wildflowers

I can already see game developers and gaming companies going crazy about this feature and link.  Imagine you download a racing application that allows you to find your friends that are online and on their iPhones and race your friends.  Better yet gossip about the best dressed Oscar nominee with all your friends on the mobile during the live event.

The possibilities and benefits of facebook connect seem limitless and only time can tell how far we take this capability.  One thing that is for certain is that, if used in the right fashion and targets the right audience; the benefits will undoubtedly be enjoyed.