Watch Facebook's f8 Welcome Keynote Here [LIVE]

It's that time again, all you lovers of social media development, time for Facebook's big one-day event f8 (pronounced "fate"), where we get to see all manner of announcements pertaining to the social network, large and small. Below you'll be able to take part in the first Welcome keynote speech, while below you can check out what we expect to see from the conference as a whole. Chatter thus far (yes, we're chilling in the audience) is that Facebook is about to change the world and that Facebook is about to crush Twitter. Which goal is loftier?

Just this week we saw Facebook revamp its entire webpage layout from friends lists to newsfeeds to tickers galore. We heard two days ago that the Facebook Project Spartan HTML5 drive would be completely absent from f8 – how true? Also what weight is there in the Twitter comments we're hearing so far – especially when Facebook joined forces with Twitter less than a week ago?

The biggest notion everyone's been tossing around for the past few weeks has been the idea that Facebook will launch a music service – this link directing you to a post in which there are two confirmations that September 22nd, 2011 (today), would be the day that the music service would be launched. Right along these lines is the "Listen with your friend" feature leaked this morning.

Watch the livestream of the event below and note that we've also got a hands-on video look at Facebook's Guidebook (app) so you can know where the heck you're going!