You can "like" a deal, share it through your newsfeed, or click on the left-hand column for local businesses listings. You can also sign up the old fashioned way to receive e-mail deals.

For now, Facebook Deals are available in Atlanta, Austin, Dallas, San Diego, and San Francisco.

While Facebook's revenue percentage split with participating businesses remains unclear (Groupon and Living Social take about half the cut, though this seems to be shifting in some markets), what is clear is the huge advantage the company has by leveraging social connections to promote purchases. Businesses, take note.

Companies have reported mixed results for using companies like . A surveyed 150 small and midsize businesses (SMBs) based on their experiences using Groupon. While 66 percent of the 150 respondents said that their Groupon deal was profitable, a significant 32 percent found it unprofitable. And 40 percent of the respondents said they would not use Groupon again.

But if Facebook can offer comparable splits, it also holds SMBs another powerful advantage: word of mouth.