Kerry and I were talking about what would happen to Twitter if Facebook ever got around to externalizing their status updates into something more Twitter-like the other day.

And, low and behold, I wake up this morning and the Social Media world has lost their shit because they’ve done just that.

Mashable’s got the main coverage of what’s happening. The break down goes something like this: a bunch of people (thousands at least, maybe hundreds of thousands) get email invitations to beta test something called Facebook LITE. Turns out the invites were a glitch in the system and weren’t supposed to go out. However, there actually is a Facebook LITE beta going on right now in India. It is pretty much what you think it would be. Status updates with a bit of threading in the responses. Again, Mashable’s got pictures.

Near as people can tell, it is a direct shot at Twitter, but it looks to be aimed at a knee cap and not the head. It is different enough from Twitter that Facebook people will be comfortable with it, but near enough to Twitter’s functionality to take over their real-time social media domination. My guess is that Facebook LITE will be an external service you can sign up for, but stay out of the crap that is regular Facebook. I’m sure they’ll roll regular Facebook users into Facebook LITE as soon as the system is up in this part of the world.

In the first pass at Facebook LITE, I can tell you flat out that Twitter waited too long to do something with their $3om in venture capital. Sure, they may own the brand space right now, but owned social networking a decade ago, and who the fuck knows who they are now? Twitter is filled with useless information, spammers and people who only tweet once and then leave. Facebook is the exact opposite. They’ve got some of the most stringent and active anti-spam policies of any social network on the web. A real-time Twitter-like service with real people giving out real information that ACTUALLY MAKES MONEY will be the first nail in Twitter’s coffin.