facebook is run by amoral executives who's goal is simply to collect as much personal information about you, then resell to advertisers. That is their business model. They do not care about the user at all, as made apparent by the incredibly difficult and ineffective method you must partake to delete your account, as well as the convoluted privacy settings (which they only just recently revamped, due to mass public criticism).
The site is horribly insecure as well. Several times a year we become aware of high-profile exploits which have historically revealed private birth dates/private photos/private messages/and passwords.
Even without all these flaws and atrocities, I still see little point to it. If I don't care enough about someone to either call them, email them, or talk to them via IM, I really don't give a shit about what they did today or their lame party photos.
All this being said, the two are not really comparable. Twitter is a microblogging platform while facebook is a robust social networking solution. Two completely different things.