Now facebook also going to offer Email services like google and yahoo under the name of facebook messages or FB mail service. To get facebook email account (email address) you need to click Request Invite Once you click Facebook Request Invite you would be notified that †You will receive an Invite soon†Soruce - How to Signup Facebook Email Address
Everyone had the same feeling when google came up with gmail, "will they be able to compete with hotmail" see where both stands as on today, so never underestimate any.