Andrew Shotland aka Local SEO Guide has a very cool writeup on Facebook Pages and Local Search Engine Optimization. He explains that it's possible to do local SEO from your Facebook page and illustrates the process, which includes setting up your own blog, installing a Facebook application called SimplyRSS, keeping content updated regularly, and networking on Facebook very often.
Does it work? He illustrates that an accountant from the UK is using it, and it seems to appear pretty useful. However, with 8 fans, my bet is that they're not applying Andrew's fourth tip: "networking up the wazoo." In any event, with an RSS reader, you can embed your blog posts into almost any Facebook page that you can customize, be it your profile page or a fan/product page, and it's a very valuable tool to leverage.
Forum discussion continues at Sphinn.