Oh geeze. If you are still on the fence about the whole Facebook competing with Twitter issue, I've got a huge piece of evidence that is sure to help sway your decision — Facebook now has an everyone privacy setting!
It's basically no holds barred now folks, since you can choose to make your entire profile — including photos, videos, viewable to public. So now that we have a new real time updates feature called "what's on your mind" with Facebook (similar to Twitter's "what are you doing?") and a public profile option, let's just say that Facebook life as we know it, is officially over.

Mishumo
Lola Cruz
Tommy Hilfiger
I'll still be sticking to my privacy settings. Gotta keep some things to myself and friends only!!
1I thought you could do that before, it just took a little longer, going through each setting and opening it to everyone. Now there's just one place you have to go. It really isn't all that different from the way it used to be.
2It's usually pretty easy to see someone else's profile if they're part of the same network as you - plus a lot of people don't know anything about privacy settings. I don't see how this changes that. My privacy settings are super tight - only some friends can see photos & the rest of my profile is only available to friends. People just have to be more aware, it doesn't mean that Facebook has suddenly turned into a pile of sh*t. I still prefer it 1000% over Myspace. For me it's the same as it has been since the day I signed up. I use Firefox & have AdBlock Plus, so I can't see any Google ads, so that aspect definitely doesn't bother me. I don't see how you can compare Facebook and Twitter, either - I have both and I use the two completely differently.
3Yes, this "everyone" setting has always been there. I think the options are "Everyone", "Networks Only", "Friends Only", "Just Me"
4i'm pretty sure the "everyone" option before was everyone in your friends list because you couldnt open your profile to more than a couple networks at a time
5Facebook as we knew it ended back in 2005 (or 2006) when they decided to open it up for everyone. It was just downhill from there since there was going to be no way (proven 3 yrs later) to please everyone.
6The privacy settings are just confusing at best and I don't know what is showing to my friends and to acquaintances now.
7midori0e: go to Settings > Privacy > Profile -- there is an input box at the top and you can type in any of your friend's name and see how they are viewing your profile
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