Facebook to build smartphone?

Facebook has once again tried to build its own smartphone. This would make it Facebook's third effort at building a smartphone.

The New York Time reports:
"Employees of Facebook and several engineers who have been sought out by recruiters there, as well as people briefed on Facebook's plans, say the company hopes to release its own smartphone by next year. These people spoke only on the condition of anonymity for fear of jeopardizing their employment or relationships with Facebook.

The company has already hired more than half a dozen former Apple software and hardware engineers who worked on the iPhone, and one who worked on the iPad, the employees and those briefed on the plans said."

If Facebook is indeed serious about this then the biggest question would be, who would buy it? Is there a need to use Facebook that is so dire that one needs to own a smartphone that is centered on that service? How would the applications be like?

Will it be the next successor to the iPhone? Or will it just be another act of corporate hubris?