Good social networking, but unsafe for children. Example: two days ago 16 of may 2010 a girl was murdered by a 'friend' she added. Privacy is also very poor and any information can go out easily.
There are a lot of mixed feelings about Facebook but one thing is certain. Similar to a tool used in any craft, it must be implemented in a way that will produce the best results for you and, subsequently, for your business. One has to see how it fits in with their own unique scheme of things. Will it help achieve their goal, whether it is staying connected with families, or simply networking with industry players, to reaching out to a specific target audience. That's the bottom line at the end of the day. Your time is like currency...spend it wisely.