News has just been released that Facebook is rolling out its new Ad Conversion tool for Facebook advertisers to track not only how ads are performing, but also to “track activity that happens on your [the advertiser's] Web site as a result of someone on Facebook seeing or clicking your Facebook Ad.”

Sound familiar? If you answered “yes,” you’re correct!

This is all-too-similar to Google Analytics and AdWords. By allowing advertisers to assign specific values to actions on their Web sites, advertisers can get a deeper understanding of a user’s involvement with a particular ad, optimize ads more effectively and determine ROI more effectively.

Currently the tool is in Beta form, but will steadily be rolled out to everyone. This is huge for Facebook, as this will allow it to compete more toe-to-toe with Google in the multi-billion dollar online advertising market.

How do you think this will affect Google?