I have a Facebook Account merely to keep up with friends who have either moved abroad or interstate. Unlike most people on Facebook, I have resisted the compulsion to add 'Friends' I scarcely know (or plain do not know) just so that other people don't think I'm some kind of Social Retard, or whatever. I don't care.
I also don't care what people had for breakfast, lunch, dinner, how drunk they intend to get this weekend, or how many photos of their cleavage(s!!!) their opportunist Real Life "Friends" can manage to load onto their profile while they are unaware!
Honestly, I feel that it is just a Narcissist's Playground - people either post 1000's of photos of themselves, or use it as a venue to boast about their "achievements" whilst salving their consciences about not actually getting in touch with their friends individually.
In the case of those who collect hundreds (or 1000's) of "Facebook Friends" - it is one step away from having Imaginary Friends as an Adult. I'm sorry - but there it is.
I scarcely ever look at my Facebook Account - I really only use it to IM a few 'real' friends.