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It is IRC for a population that can't do IRC (and has likely never even heard of it).
That is what Facebook did differently than Myspace, Friendster, et al. If you want to try a startup in that market, I suspect this is the key: be a better async IRC than Facebook.
What's missing in Facebook's "IRC"? My first thought is bots, but I'm far from a normal user.
What are yours?