The so-called FSB is just a high speed high bandwidth connection between two chips. Nothing more, nothing less.
For the Pentium4 and AMD processors up to Athlon64, the FSB is used to communicate between the processor and the chip called northbridge. The northbridge contains the memory controller, integrated video (if any) and so on. The northbridge is also connected to other chips, one of them being called southbridge. The connection is another bus, just that it isn't on the front side.
This second bus can be a low-width high speed bus (like the VIA something), could be integrated into a single chip that is both northbridge and southbridge (like in SIS 735 chipset), or could be a wider lower frequency bus. It could even be PCI bus.
Why the northbridge and southbridge are different? Because one can choose one specific northbridge and one specific southbridge to match its needs. This way, Dell could sell mainboards with one southbridge having 2 IDE 66 channels and 4 USB, 2 IDE 133 channels and 8 USB, or any other combo they seem fit. Works considering most office computers have little needs, so saving one dollar for a lower southbridge would make millions in the grand scheme of things