Sounds like INQ went up to facebook and said "hey guys, we heard from some guy that you wanted to make a phone, let us help" and facebook said in reply "err...yeah...sure...you do that...".
INQ aren't known for producing anything worth even looking at let alone buying. The specs on that page are bland to say the least, it's literally just an Android skin with integrated facebook functionality, and the market they are aiming for (teenagers, basically) are a lot more tech-savvy than the press would give them credit for. I can't see this phone making any sort of an impact.