I think FaceBook is a great way to market locally or to people you might one day meet face to face. Twitter can be used generically, or as a targeted tool to give information about your company or product.
Twitter: Simple and great for marketing. So many people on Twitter want to be followed or follow you if you got good updates unlike Facebook. Facebook- limited to your network and friends.
What Twitter and Facebook has done for the internet over the years has been to concentrate some of the worst of the WWW into one area. The services of both, though good in their original concepts each, have fallen victim to all kinds of abuses, from regular old spam to drive-by mallware downloads. Social networking sites like these seem to act like a magnet for abuse. Over the years I have done a pretty fair job of marketing my services to the world and felt I didn't need the crutch of social networking to do my bidding. It hasn't been so long ago that I signed up for both, just to see what the fuss was all about, and man, I'll tell you .. I thought the general internet was loaded with crud until I found the likes of Facebook and Twitter (especially Twitter). Anything that's popular on the internet is going to be a target for abuse .. Google, Internet Explorer, Facebook ... or whatever ... it's going to get hit .. so in a sense, I wasn't totally caught by surprise when I saw the crap that goes on over at Facebook and Twitter. Well seasoned and salty webmasters can effectively combat the abuses, whereas the newbie site owners might not .. It's the newbies that suffer the most, IMO, when they sign up for services like Facebook and Twitter and it's a shame.
Twitter helps get Traffic to my website. Facebook keeps me in touch with friends and family. I like both of them.
I am getting loads of traffic from twitter but I just love hanging out in facebook because it is much faster for me to gain friends coz of farmville
I think that both of them have there uses. I use both of them in conjunction with several other bookmarking and networking sites in an advanced linkwheel set up. I do think that Twitter is better at providing targeted traffic for my blog and a sites, where as Facebook is a good platform all by itself. Facebook can be a sales page all by it's self if it is dealt with right. I also use Linkedin a lot too, think Facebook with a business slant.