Faced with competition from the microblogging site Twitter and a burning desire to make lots of money off of its social networking platform, Facebook is redesigning its user home pages. The new design focuses on real-time streaming of friend posts.

Facebook is revamping its Web site with several new features that give users more information about their networks in real time. The changes have been widely compared to the updates people send and get via microblogging site Twitter More about Twitter, which Facebook apparently now views as one of its competitors.

The new site, which can be previewed here, allows friends’ posts to be streamed in real time. Changes you make are updated instantly on friends’ home pages as well, which are now called “profiles.”

Link

Other changes gives users more control over what they see. Users, for instance, can create their own filters using Friend Lists. They can also filter by applications, like Photos.