While I was busy updating my status on Facebook, I hit the error above. It says:
Status Too Long
Your status update is too long. The maximum status length is 420 characters, but it is 433 characters long.
I am not sure for how long this has been the case, and it must have been since the Facebook was first launched, but this is definitely the first time that I have seen Facebook limiting me from posting updates, but yea I have never tried to post such a long update on Facebook too.
For those interested, I was trying to add a status update to tell Facebook and my friends about a feature request I wanted in Facebook :-).