The greatest benefit of a facebook phone to me has nothing to do with photos, status updates, etc (although I am likely in the minority). Facebook, to me, has become an address book of all of my friends, with contact information that updates itself when it changes.

If facebook replaced my address book with my facebook friends list, and texting and calling to them "just worked", hopefully using facebook-to-facebook over Wifi when available, it would be a great phone.