When I started working with JSF/Seam (which wasn't alll that long ago!) I had the same question.
Here's what I've learned:
Facets are intended to be a very simple applique (if you will) to an existing component. They are an optional feature of that component. The facet will add its singular child to the parent. So, to answer your question, it's not really a bug or a feature -- it's just the intended use of this particular tag.
To go beyond this, you can use a ui:insert tag along with some basic ui:includes and templates.
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In JSF facet can contain only one component. Use h:panelGroup as workaround.
Thanks, David - Glad to know I didn't miss something simple. - Joe
Nick - Thank you for the reply. I will definitely try the panelGroup. - Joe