That’s right. There’s GMail, YMail, and FMail (not exactly). It’s a “modern messaging product” as according to Mark Zuckerberg, and it handles Facebook IMs, messages, SMS, and email, but it’s not email. It’ll still have FB email addresses, but it’s still not an email client. In fact, it’s a sort of super messaging program that is also minimal.
Essentially it’s messaging with email. And it’s not revolutionary, and it doesn’t allows for IMAP forwarding (like let’s say, to Gmail) bt Facebook states it’s coming. So sending emails from Facebook is more like sending messages to email addresses, and therefore Fmail is Fail Mail, because it doesn’t exist. In the meantime, email with your Facebook launches in the next few weeks; it’ll roll out much like the New Twitter did.