This is the newest part of the social medium Facebook CEO Mark Zuckerberg calls a "pillar of the Facebook ecosystem" following newsfeed and timeline.
The idea behind Graph Search is having a way to easily sort through your Facebook friends based on the content that they share. The hope is to be able to connect to friends you already have who have interests about which you didn't know.
It's also an easy way for you to filter the content they do share by searching for simple phrases such as, "photos my friends took on Skyline Drive."
The good news is that Graph Search won't your privacy settings. That's because it only provides content based on the settings you already have.
If you would like to sign up for potential participation in the beta version, click on the green button on the bottom of the website linked above.