One definite advantage Twitter, amongst other social networks, has over Facebook is RSS feeds, allowing web-savvy users to filter and re-purpose updates however they'd like. Facebook application Newsfeed RSS evens the scales a bit.
If you're an old RSS hand, that's really all there is you need to know about Newsfeed—install it, and you'll eventually (after a few approval clicks) get an RSS link you can grab for your favourite feed reader (like, say, the newly-synced FeedDemon and Reader combo) or web application that accepts them.
But the real power of grabbing an RSS feed from Facebook lies in modifying and "fixing" it. Right off the bat, Newsfeed doesn't pick up updates from your friends' applications—so thank you for far fewer Mafia War headaches, dear developers. But if you want to filter further, you can use your readers' own tools to highlight or reject certain keywords or posters, or use a tool like Yahoo Pipes to create a custom feed that would, say, only ping you when the phrases "married," "engaged," or "baby" show up.
You also get a search-able archive of updates, something you don't really get in Facebook by itself, and, as ReadWriteWeb points out in the via link below, a lot more ways to get creative with social data.
Newsfeed RSS is a free Facebook application. Let's hear from our XML-savvy readers how one could use a Facebook feed with webapps, filters, and other applications to make an often distractingly buzzy application a lot more useful. Newsfeed RSS [via ReadWriteWeb]