Because of facebook I have found a few relatives I never new existed and reconnected with friends. I never sit a long time and read my news feed, I just read the status updates right in front of me when I first log on. Sometimes it says I have 300+ recent updates, which means I probably did not read 290 of them. I hide thr farmville and smiilar bullshit. I just created a group a couple months ago, and now we are planning a reunion, I am thrilled to see everyone. Almost more than a high school reunion, bevause these are people I worked with as an adult, and I think I will have more meaningful things in common with them than people I knew when I was 15.
The only thing annoying about facebook is the lack of control over privacy. There is no way to control a post being seen by everyone in the world if the thread you post on is open to everyone. I hate that.