I think it would be more useful to build 
Spannable.private static final Factory spannableFactory = Spannable.Factory
        .getInstance();
private static final Map<Pattern, Integer> emoticons = new HashMap<Pattern, Integer>();
static {
    addPattern(emoticons, ":)", R.drawable.emo_im_happy);
    addPattern(emoticons, ":-)", R.drawable.emo_im_happy);
    // ...
}
private static void addPattern(Map<Pattern, Integer> map, String smile,
        int resource) {
    map.put(Pattern.compile(Pattern.quote(smile)), resource);
}
public static boolean addSmiles(Context context, Spannable spannable) {
    boolean hasChanges = false;
    for (Entry<Pattern, Integer> entry : emoticons.entrySet()) {
        Matcher matcher = entry.getKey().matcher(spannable);
        while (matcher.find()) {
            boolean set = true;
            for (ImageSpan span : spannable.getSpans(matcher.start(),
                    matcher.end(), ImageSpan.class))
                if (spannable.getSpanStart(span) >= matcher.start()
                        && spannable.getSpanEnd(span) <= matcher.end())
                    spannable.removeSpan(span);
                else {
                    set = false;
                    break;
                }
            if (set) {
                hasChanges = true;
                spannable.setSpan(new ImageSpan(context, entry.getValue()),
                        matcher.start(), matcher.end(),
                        Spannable.SPAN_EXCLUSIVE_EXCLUSIVE);
            }
        }
    }
    return hasChanges;
}
public static Spannable getSmiledText(Context context, CharSequence text) {
    Spannable spannable = spannableFactory.newSpannable(text);
    addSmiles(context, spannable);
    return spannable;
}
Actualy this code based on sources from native 
Html class.
Edit: Updated version has dramatic speed improvement.
table facebook emoticons syntaxe 
Facebook Emoticons
| 
Keyboard Shortcut | 
Description | 
| 
:) | 
Smile | 
| 
:( | 
Frown | 
| 
:’( | 
Cry | 
| 
:D | 
Big smile | 
| 
;) | 
Wink | 
| 
:P | 
Tongue out | 
| 
:O | 
Surprised | 
| 
^_^ | 
“Kiki” | 
| 
:3 | 
Curly smile | 
| 
>:( | 
Angry | 
| 
>_< | 
Annoyed | 
| 
-_- | 
Bored | 
| 
O.o | 
Confused | 
| 
B| | 
Cool | 
| 
8) | 
Geek | 
| 
:\ | 
Thinking | 
| 
O:) | 
Angel | 
| 
3:) | 
Devil | 
| 
<3 or ♥ | 
Heart | 
| 
:* | 
Kiss | 
| 
:v | 
Pacman | 
| 
<(") | 
Penguin | 
| 
:|] | 
Robot | 
| 
(^^^) | 
Shark | 
| 
(Y) | 
Thumbs up |