I think this concept is one of my personal favorites. He begins this discussion by talking about people worried about their circumstances (and now you know why I like it, heh -- I do tend to be a worrier). Especially in these challenging economic times, his example is pertinent: he compares a man saying, "I'm ruined!" when looking at his financial status to the same man saying, "I have two dollars left in my bank account." One is emotion; the other is a fact.
From there, he talks about taking that fact and deciding if you can do something about it right now...or not. If not, then the challenge is to accept the lack of change for that moment and let it be. If so, then do what can be done.
I think, for me, facing facts is a way to evaluate the present situation without the emotion. If I can do that, usually I see a clear delineation between the emotion and the actual circumstance -- and then I'm able to deal with the emotion separately.
How do you face challenges which arise? Do you find yourself responding to the emotion or the actual facts at hand? Which allows you to move beyond it?