I can't overstate the important of the embeddable Like button, whether it's the Facebook button (it usually is), or some other type of combination. In this day and age where content is mostly free, it's a way of paying the content creators; of saying "I appreciate this, give me more of it." It's crucial.
But the Like button is confusing. Content creators want the Facebook Like button, because it's really the only kind of button that could potentially bring in new traffic. But why does it have to be just one or the other? What we need is a button that can tap into multiple places or none of them at the same time. It's ridiculous for blogs to have reaction buttons AND a Facebook like button.
There's a lot of API stuff that would have to happen for that to work. But can't a guy wish?
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