Considering that it is a "Mobile Event", the speculation is that Facebook will introduce a new and improved client for Android or perhaps something related to the upcoming Gingerbread launch. On the extreme end of the list of possibilities is that the social networking site will announce some type of hardware, maybe even a Facebook phone.
We can speculate for hours about what the announcement will be, but with Wednesday approaching, we will know soon enough.
source: AndroidandMe
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