I'm really torn over this.
I saw the sample posts someone with access had posted, and they looked great. Much more suitable for long form reading. I think this is a very useful and strangely neglected feature of a network designed for communication. They increased the length of the regular status updates, but it's just not the same thing and becomes a bit like reading very long tweets if such a thing existed; just a mass of text rather than things that feel more like articles.
So I think it's a great feature for Facebook and a step forward. I may even use it myself. I've found that it's much easier to get feedback on things posted to Facebook than on a personal website. In general, in this social network era, blogs seem to be dying. They're like islands trying to fight the urbanized mainland. And there's why I'm torn. That evolution of the web is not one in the right direction. You don't own what's posted, but it's Facebook's content. You post there since you love the feedback, the convenience, and since it's becoming the only really good option to easily keep in touch with others and make yourself heard, and then Facebook decides to remove or change this feature at a whim, and everything you posted follows.