If this jury-rigged, duct-taped "password hashing" scheme impresses you, I've got some land in Florida you might be interested in.
Seriously, though, it's a complete fallacy to think that more complicated password hashing schemes with lots of fancy steps are better. I was at the talk where this scheme was presented, and Alec Muffett himself said the only reason it was so complicated is because they had to layer stronger hashes on top of existing ones instead of revoking all outstanding session cookies (forcing every Facebook user in the world to re-authenticate).
I'm aware of all that, and I'm not impressed by the numerous hashing steps. I'm impressed by Facebook's commitment to migrating and future-proofing their security practices as they become obsolete.
Specifically, this means "wrapping" insecure hashes in more secure hashes and the addition of an encryption key stored in an HSM on a separate server.
Seriously, though, it's a complete fallacy to think that more complicated password hashing schemes with lots of fancy steps are better. I was at the talk where this scheme was presented, and Alec Muffett himself said the only reason it was so complicated is because they had to layer stronger hashes on top of existing ones instead of revoking all outstanding session cookies (forcing every Facebook user in the world to re-authenticate).