Why did Twitter turn down Facebook?

For now, a marriage between Twitter and Facebook is not meant to be, but the courtship between the two Web 2.0 companies could be rekindled in the future. That was one message from Evan Williams, the chief executive and co-founder of Twitter, in a talk at the Churchill Club in San Francisco Tuesday night.

Serious talks between the Facebook social network and the Twitter microblogging service started soon after Mr. Williams took over as chief executive on Oct. 16. Twitter reportedly rejected Facebook's $500 million, mostly stock offer several weeks ago.

News source: Source

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Twitter could really use that. With Facebook offering similar functionality, how much longer can it last for Twitter?