When I first started writing about Web 2.0 Facebook was on the scene but it was still an application primarily for college students and MySpace had most of the buzz. But neither application had a lot of relevance for mainstream consumer use or business use. But since then Facebook has made impressive strides in the mainstream consumer world and I think they provide a great model for business use of Web 2.0 technologies.
An obvious example of a current business use of Facebook is setting up a Fan page for communicating with consumers. But as is often the case, the last use case to be adopted and the most important is internal and business to business communications. Facebook has some business to business relevance already because obviously individual professionals can make and enhance their professional connections for the benefit of their organization. But what I think is even more interesting is what a Facebook type application could do for internal communications. Facebook may never provide this functionality directly because they have their hands full with their existing model but they provide a great blueprint for improving internal communication within an organization.
I think some of the most likely application to provide this Facebook style intranet functionality are the existing enterprise social networking, wiki and blogging platforms such as CustomerVision, Socialtext and Atlassian.