Ben Brooks is spot on about Facebook. The only thing I’d add is a rant about the devious way Facebook hides privacy settings for its users. I recently helped my 14 year old get a Facebook account (I know!). After we had the long talk about privacy and her new permanent online life, we started the account. Facebook knew she was a minor, yet didn’t give her any privacy options in the set up process and the default settings were completely inappropriate for a 14 year old. We had to dig in to the settings afterward to put the shields up. Ridiculous.
As for myself, I haven’t missed Facebook in the slightest since canceling my account.