The value of Facebook "Likes" is supposed to be clear: My friend likes something, and that is valuable and persuasive information for me. This is the idea behind Bing launching social search — if my friends have liked something for which I'm searching, that will be more relevant and helpful information than just another one-size-fits-all search engine results page. It's also the idea behind Facebook's Open Graph — if you visit a site and see that a friend has "Liked" it, you are more likely to pay attention, spend time, and complete a transaction.
But as we all know, a "Like" (with quotations) does not necessarily signify a like (without quotations). An interesting ExactTarget study demonstrated that people may "Like" a brand for a wide range of reasons: to learn about discounts, to earn freebies, for entertainment, to gain access to exclusive content, and — of course — to show support for the company to others. Just look at the list of companies you follow on Facebook — do you like them all equally? Are there any you've followed even though you really aren't a true fan of the organization or its products? The disconnection between “Like” and like will only grow greater in the coming year, as brands looking to expand their pool of Facebook friends reward new fans and followers (an activity I compared with the “black hat” tactic of buying links in the early days of search engine optimization.)