I think you're just fooled into thinking its awesome. Lets put it another way: Is the world better or worse because of Facebook?
- it helps organize events
- you can keep in touch with friends
- perhaps, maybe make new friends (maybe)
- HUGE productivity sink (you can't tell me spending 4hrs at work on Facebook is a good thing)
- helps people stalk other people
To me, the superficiality and the loss in productivity by far outweigh the rest.
Another thing: Are the Webkinz kids going to graduate to Facebook when they get older? I have a tough time believing they will.