Preliminary confirmation of the phone popped up at the Bluetooth SIG (via Unwired View). Here are the included details:
A GSM/GPRS/EDGE/3G, 3MP camera, Qwerty Keypad, Single/dual SIM phone with 2.4? TFT display ; product for trendy generation who enjoy connecting to the world anytime, anywhere, and multimedia services on the go, all easy as via a fully personalized UI
Although Facebook isn't mentioned anywhere on the product page, as you can see in the image above, the phone clearly has a dedicated Facebook button. It's also worth noting that the OS isn't specified. There are no obvious Android buttons, so that option is out, and it frankly looks like a feature phone; this probably will not be a smartphone.
Other details, such as launch date and price, are still unknown. Motorola is likely to make an official announcement soon though, and I'll keep you posted when it does.
Facebook's stance on devices like this one is that they are a prime example of a manufacturer using the company's public APIs to innovate in the mobile space. Palo Alto won't let any mobile manufacturer market any of their devices as a "Facebook phone" but at the same time it quietly hopes for more Facebook-integrated devices.