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Hmm.. Threat? I am not so sure! Of course, this is a very competitive environment, I think Facebook and Friendfeed serve slightly different purposes as Vezquez mentions in response to Friendfeed an insect in the path of a Goliath. However, I would like to think positive about this. This is a "lion fight" and when there is so many different offers in the market for clients, organisations need to offer the "best solution" available rather than fight with each other.
It is not that unique for two similar companies to join their forces together to create synergy in the market. I think it is in that sense great to see FB&FF partnership on applications. For someone who has been using both FB&FF, I believe they are both very good with taking the right steps to partner with the right organisations and offer better services to their target markets.
For those of us who like to keep themselves up-to-date with useful applications and use different platforms to reach to "our" target audience, I think this is just another easier way to reach out only with a couple of clicks!
So, this may be a win-win situation, depending on which angle you are looking from?
We shall see how it plays out though.. I would speculate these two won't be 'friendly' (pun intended) for long if that is even the case now.