Facebook is all set to replace 'Share' button with 'Like' button. When users click the Like or Recommend button on a third-party website or within a Facebook app, it now publishes a full news feed story instead of just a one-line Recent Activity story. Previously, full stories with headlines, thumbnail images, and captions were only published if the website chose to implement the "Like with Comment" version of the button and users chose to add this additional context.
The phase out of the Share button is evident in Facebook's documentation. The "Facebook Share" typeahead result shown when searching for "Share" on the developers site directs to the Like button documentation page.
Overall, the change will benefit users, third-parties, and Facebook. Compelling Liked content from around the web will appear in the news feed more frequently, initiating discussions between friends. Third-parties will gain traffic from new users, inspiring more to implement Facebook's social plugins.
This increased presence across the internet will spread awareness of Facebook, raise barriers for its competitors, and seed a client base for a potentially monetizable plugin, such as an Open Graph ad unit.