It is always fascinating to see the difference between the two. I have a preference for Facebook myself, at least you have the option to enter as much content as you see fit, or as little.
Facebook is a programming platform, although I do have some concerns about privacy and about how much each application has access to but let’s put that aside for a moment.
Facebook is making some steps to become more than it already is. This article details as Facebook is buying FriendFeed and will now (hopefully) be able to improve its real time search capability. This is one of Twitter’s strength, being able to view trends based on current activity.
The article seems to indicate that Facebook might be competing with Google but I am not sure that is the point. I suspect the gap is being reduced between the 2. You can upload pictures, videos for both of them.
The open architecture/api provided by Facebook does make me bet on them. You can also provide an open account (company and others) where it is not necessary for you to be confirmed to become a friend. I believe Facebook has a toned down interface which apparently looks more like Twitter for those who think the regular one is a bit daunting (I am one of them I suppose).
In the end, I believe those services will converge into a social platform (as opposed to a social product) where you can pick and choose the functionality you like. There will probably be specific platform for specific environments, business (Linked In), private (Facebook) and others I cannot really think of.
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