Facebook has launched the 'Like' button for websites. So if you are a blogger or webmaster, don't miss this opportunity to share your content in your reader's social network. The launch of Facebook 'Like' button has replaced the old 'Become a Fan' button. Lots of sites are already using facebook share buttons on their site pages allowing users to post links to their news feed. But 'Like' button will offer more and considered to be a Digg killer. Liking a page creates a news item for your facebook friends.

Liking a Page means you are connecting to that Page. When you connect to a Page, it will appear in your profile and you will appear on the Page as a person who likes that Page. – source
The controversy has already started over the new 'Like' button for content-sharing on facebook, due to privacy concerns. It is reported that Facebook's latest move will allow websites to embed a button, that will allow user to announce the contents they like on internet sites.
But it is also rumored that facebook will use this information gained from 'Like' button to deliver highly targeted ads on user's facebook page. But facebook spokesperson denied that the new tool would allow the facebook to track users.
Even if facebook will not use this private information for behavioral ads, users will always choose not to click on that button to keep their traces private. Keep an eye on F8 Facebook conference where it is expected to announce the new features.
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