An easy, instantaneous way to communicate with people you like, friends who (in some cases) have moved on and wouldn't otherwise be easily contactable, a way to share interesting information, and a way to keep up to date with events/gigs/parties etc? Yeah, terrible!
I did a lot of embarrassing **** on Facebook when I was younger, but I also got laid a lot with its help too. I regret nothing. At certain times, in certain situations, it can be a very valuable social tool, and it was for me. I use it sparingly now, but I'm glad it exists.
It's only a problem if you have mostly boring and vacuous people as friends. Otherwise, no bother.
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