Come on people! Facebook is the sh1t. Where else can you be contacted by people you didn't like in high school or even knew and hear about stuff you couldn't care less about on a daily basis? Personally I love hearing about people having headaches or knowing that they are stuck at a traffic light.
Ok, I have an account and will use it to keep in touch with friends that have moved away and SOME family members. It can be entertaining on really boring days at work too. The other day a girl I know discovered that the guy she was seeing turned out to be her first cousin from her moms estranged brother. That's just classy stuff. Especially when she got told by her uncle on FB.