I like facebook!
I have been careful not to put any info on there other that I wouldn't want people to know- ie- no email, date of birth etc. Just my name really. Nobody can see your page without you accepting them as a friend- unlike myspace. I have found loads of old friends that I never found through myspace, and I am not badgered by american bands all the time.
I think it's good! Plus I have uploaded a lot of old school photos, which would die with me if it wasn't for facebook! I mean, who is gonna come over and look at my old photo albums? Nobody!!