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.