As everyone already figured out, Facebook is launching their own webmail service.
Haven't tried it yet but the funny part is that I made some comments in discussions around the rumoured "Google Me" that what Google need is a decent dashboard/homepage, iGoogle just isn't enough. I compared it to FB. Different services, one entrypoint. That's what Facebook is good at, and Google simply isn't.
Google obviously didn't listen to me and I still use my different Google services very much separated from each other. Sure, I can connect everything with Buzz and that's a small step in the right direction. Now facebook are taking a huge stab at one of Google's user driving services. Where that will end up...I still have troubles seeing FB creating a better mailservice than Google given what they achieved so far but who knows?
For me its simple, no matter how big and powerful Google are/get, I still prefer trusting them with my data over Facebook any day. Trackrecords mean a lot and FB doesn't have a cute one. We'll see if I changed my mind in a year or so!