Project Titan(?) Real Email for Facebook?

This is from an article at allfacebook, but lots of chatter (Techcrunch, lots o' blogs) all over the 'net about facebook's new (or perhaps, just improved) if it's scaled off of the current private messaging (PM) feature...

According to Mike Arrington, Facebook is preparing to roll out its own email client, code named “Titan”. We’ve suggested to Facebook in the past that they roll out an email client as they have an opportunity to redefine the product. Additionally, Paul Bucheit, the lead developer of Gmail, is now an employee of Facebook which means he may have another opportunity to redefine the email experience.

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