According to this article in eWeek Microsoft will launch a new Facebook/Twitter like application that is expected to blow them out of the water. Brier Dudley of the Seattle Times describes the app as,
"...a hyperlocal, personalized message and alert system. It's intended to be a dashboard that people can use to keep tabs of their family, friends, activities and major events in their community."
The app Vine is expected to be used first to alert people of schedules and changes. The idea for this came out of Microsoft's response to Hurricane Katrina, so Microsoft will be initially targeting first aid responders and local emergency officials. It shouldn't be too long though before we see this app being used in the enterprise.
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