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Android was designed to integrate Google's services--and this has created the expectation that, out of the box, a phone should have an expansive app market with multimedia content, maps/navigation, etc.
Facebook would be doing the opposite, in that they would be essentially building all of the services, minus the social network thing, around an OS. That's a large obstacle to overcome. But they don't have a choice, Facebook needs to diversify in order to grow, and they need to do it quickly. Given the growth of mobile, it makes sense. However they're going to have to pump a lot of resources and capital in this, and hope that stockholders are patient enough to wait for results years later.