Analysts are reserving judgment until they hear the announcement, but the consensus seems to be that the upshot will be positive if Facebook can drive user engagement on mobile devices.
Wedbush analyst Michael Pachter commends Facebook for embracing the fact that people are spending more time on mobile devices, and for taking steps to address the fact that the company's mobile revenue is lagging its desktop revenue.
"It's not just for the user experience, but so they can efficiently deliver ads," he said.
(Read More: Facebook's Rebound: What Drove the Stock Higher)
Stern Agee's Arvind Bhatia also praised Facebook for taking steps to better target ads with mobile information.
"It's a major announcement for Facebook and should be a needle-mover over time," Bhatia said. "Deeper integration with the Android system should boost user engagement and monetization."
However, Facebook bear, BTIG analyst Rich Greenfield is skeptical. He cautioned that "the world has appified over the last several years on mobile devices." What that means is the fact that consumers are accustomed to going to different apps for different services and as Greenfield puts it "everything Is just a click away." So he wonders if people will want to go to Facebook to do a number of different things.
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What does this mean for Google's Android?
If Facebook's new software is a hit, it could help sell more Android devices, giving Google an advantage over Apple. But over the long term, if Facebook can lure users to utilize its graph search tool, that could potentially eat into Google's search market share over time. But for now, especially since graph search hasn't launched on mobile yet, there's no near-term threat.
—By CNBC's Julia Boorstin; Follow her on Twitter: