We didn't need another Twitter
At least that's my take away from this news:
Facebook just announced via its Facebook profile that the ultra-lightweight version of its website, Facebook Lite, is no more.
Facebook has some Twitter-like features, but I don't think people go there for the same reason they go to Twitter. facebook is "deeper"; Twitter is more lightweight, and pretty much about "what's happening now". It's not about which is better; they're different, that's all.