Over the past couple days, the Facebook has alerted users that changes are coming to the Facebook home page.

Basically Facebook is trying to emulate the real-time interface of Twitter.   To date, Facebook updates have been refreshed every 10 to 15-min.  Now the friend feed will be done in real time.  That’s a big improvement and it mimics Twitter’s functionality.

Also, the 5,000-friend limit will be dropped from the public pages.  Up until now, Facebook Pages haven’t really been the place fans go to connect with their favorite celebrities or brands. For that, they’ve started going to Twitter, where they can get updates in real time.

Musicians: if you haven’t set up a fan page at Facebook yet, this is a great time to start.  Facebook may soon be your primary fan tool!

Actually, iMeem is a social-networking site built around the legal sharing of music and video, Imeem streams free music to users’ PCs. Founded in 2004, the company was considered a high-flier among the Web 2.0 music services. The site sees 25 million monthly visitors.

Last week, the company announced that their mobile app, the top music app in the Google Android marketplace, added a powerful new feature that lets users stream all of the MP3s they’ve uploaded to the service directly to their phone, for free.

But as CNET reports in their story about Web 2.0 music sites, Imeem is up for sale, has burnt through loads of cash and has struggled to generate income, say sources close to the company. Things were serious enough to prompt Imeem managers last year to ask the major recording companies for price breaks, according to multiple sources familiar with the discussions.

So where does all this leave iMeem?  Supposedly they have enough cash to get through the economic downturn, but they’re not turning a profit, their music download sales have been below projections, and the labels are getting antsy.

The next 6 months will be key for the company.   I hope they make it.  They are one of the few sites I see that could eventually be competition for iTunes.