Ten years ago, having a favicon for your website was a big deal. Windows 98 users were putting bookmarks on the desktop, and your site’s favicon logo could show up there. Getting on desktops was very important.
Fast forward to 2009… who has even closed enough windows to see the icons on your desktop this year? Having a favicon has diminished in importance considerably. Do you even take note if websites you browse to have one or not? Seriously?
But there is one thing that matters in 2009, as much as the favicon did in the late 90′s. That is: the text & image which appear in Facebook when someone tries to link to you.
Helping people who want to help you? no brainer. Make it a high priority, even if you do little else to promote yourself. Make this experience pleasant; support the fans who are trying to promote you. Neglecting them will hurt your reputation and your SEO pagerank (yes, that’s right, your buzzwords will suffer! 
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Most websites fail this miserably.
Show some fan love? make the Facebook link to thing flow.
Could you explain how to control the text and image which appear in Facebook when someone tries to link to you?
Hi Michael! sure, I ran across this information one day in the help page for the FB Links application; you can read it at http://www.facebook.com/help/?faq=13496
title, description, and image_src are the three important mega tags which must be included in every web page’s head section.
The third one, image_src, is one that many webmasters may not already think about, and Facebook’s requirement is that its argument must be an absolute URL.
Well, Facebook abandoned that simplistic approach.
But they rolled out support for a metadata model at OGP.me which allows more than just an image.