Wave failed because it had no interface to existing services. From that facebook blog post, it looks to me like facebook messages will have "transports" to email, IM (icq, aim, jabber, ...?), phone/SMS.
That's important. Really important. That way, there's no way you "lose" your friends by adapting the new system. You can still reach them!
I'd love to have a seamless experience between ...
* short urgent messages (SMS) * short low-priority messages (IM) * long messages (email)
facebook messages promises that. i'm tempted to see for myself.
Wave took something that worked and made it worse -- fewer contacts, bloated app, confusing purpose.
FB is taking something that works and making it better (for its users) -- more streamlined (like chat), less hassle (existing friends list), less noise ('Other' bin).