Twitter; the new Facebook?

When I think about it, I would consider myself up to date with new media. However, as of late I have found that there are many new forms of media which I have basically no knowledge of. It seems as though nowadays when a new form of media comes out, it is embraced and followed almost religiously; that is until a newer form of media comes out and the short attention span of our generation immediately embraces it. Facebook has been extremely popular for quite some time but now all I ever hear about is twitter. Even though the concept of twitter is very easy to understand, it took me a while to grasp the concept. After pondering the idea behind twitter I found that it was not actually the idea of what twittering was, rather why everyone had become so enthralled by it. To me, twitter is nothing more then a facebook status that one would update more frequently. Besides this, the only difference i found is that many people look at other peoples' twitters (such as celebrities, famous athletes or complete strangers) which they deem interesting or relevant. As twitter becomes larger and more popular I cant help but wonder what is to become of other social networking sites. The main questions i draw from this is "what will become of facebook; will people lose interest just as they did with myspace?" Also, "with the simplicity of twitter, what will come next in new media in regards to social networking?"