Facebook is the great procrastination tool. i do use it to keep in touch with friends from school, and if they're current with their announcements, i actually learn a lot about what's going on in their lives. Miles better than the bucket of weaksauce known as Friendster, and a lil more "real" than Myspace. Sure, it was fun being "friends" with musicians on Myspace for a while, and i still enjoy the music and pumping my own tracks there:
http://www.myspace.com/avidtechnology
but, it all seems a little too impersonal. Sooo many people on myspace, and the format of the pages is like a sensory overload. I'll agree that the facebook applications are getting out of control, but at least they're neatly arranged and you can close them up if you want, and no one's forcing you to add apps.