Facebook’s email launch is highly anticipated and speculative, with rumors heightening in light of Facebook’s upcoming news event (watch live below, and here).  The social network is about to launch free email system, putting competitors like Hotmail, Yahoo Mail and Gmail in a dangerous position and having real chances of re-defining the nature of email, according to Matt Cain, a Silicon Valley-based research analyst, as reported on MSNBC.

He also gives the example of Facebook prioritizing email messages from senders according to their relationship with the recipient. The project could have a great influence on the virtual communications market considering the fact that 90 percent of U.S. adults check e-mail regularly, but only 59 percent use social networking tools such as Facebook and Twitter, according to Mercury news.

Silent wars have been carrying on between Facebook and Google based on disagreement on importing contacts’ data one from another thus making some believe that Facebook wants to get back on Google, referring to Facebook supposed launch as to the ‘Gmail killer’.

At the moment, Facebook is considered to be the third largest web company, with a total estimated value of $41 billion, exceeding eBay’s $39.4 billion in market capitalization. Ahead of Facebook are Amazon with a value of $74.4 billion and Google, Inc., with a value of $192.9 billion.

The launch of the Facebook email is considered to have been marketed by the company sending out various news outlets, including large messaging iconography. The prevailing thought is that the announced “Project Titan” could become the release of personal “@facebook.com” addresses for users.

Facebook’s live event can be viewed below.