Don't be misled by the Fan Page - this app was developed by the Facebook team, as first reported by VentureBeat. However, I installed it on a T-Mobile MyTouch 3G and I have to say, I'm a bit disappointed, as the app isn't quite as useful or robust as Facebook mobile apps for other platforms.
Essentially, you can view your wall, read your news feed, update your status and comment or "like" posts on your news feed. That's it. No private messaging view. No ability to approve friend-requests. No ability to upload photos directly to Facebook. The iPhone-enhanced Facebook website (which Android phones can display) has more options and is equally readable.
Facebook tells us there are a few Android specific features, however: "The ability to place a Facebook widget on the home screen of the phone, to quickly read the latest status updates ... receive notifications when you get a Facebook message, a friend invite or event invitations ... quick and easy access to the phone numbers of your friends on Facebook, and allows you to give them a call with just one-click by using the Android’s Live Folders"
I suppose all apps have to start somewhere -- hopefully the Facebook for Android will catch-up to its mobile-counterparts quickly.