(Updated) During a press conference today Facebook announced a new "modern  messaging system" that combines email, text messaging, instant messages and Facebook messaging into a single stream that founder Mark Zuckerberg says goes "beyond email". Users can get an @facebook.com email address, but it is not an essential component of the system and can continue to use their current email address.

Citing how teens are already moving away from email as "too slow" and towards text messages and IM,  Facebook designed the new product to both serve their needs and those of more traditional email users. Most of the features will roll out over the next few months and are for now invite only.

Zuckerberg broke the new product into three main components: seamless messaging, a stored conversation history and an integrated social inbox.