It is a great way to keep in touch with family, friends and make new friends as well. There is so much you can do on this site and it is lots of fun with all it's games, etc... If you are looking for excitement facebook is the place to be. If you have privacy issues it can easily be fixed in the privacy settings.
This site is great for connecting with friends and family. The site is reliable, trustworthy, and very entertaining as well. This being said, there is a level of risk that children could run into adult content. However, this site is much safer and pro-active than Myspace, the other major alternative.