Facebook is only as good as your friends. However, the Facebook policies and practices and the lack of ease with which one can correct things makes this a website that I do not completely trust.
In terms of communication and interaction with people, social networks, especially Facebook, are perfect. You follow your old friends and stuff. Still it may be very dangerous for children as you never know who is a real person texting you
Facebook actually makes use of your PERSONAL information to sell it to advertisement companies at high price. You should NEVER put much information there as it can be sold, and also hacked.
Also, if you posted the wrong thing online, like intimidating photos, even if you delete the post, there is still a back up of it on Facebook server. You can never delete it, and it will last FOREVER (unless all the server broke down and lost all its data, which is impossible).
You can still use it, but be cautious on what you post. FB app on Android can read your SMS and MMS (Yes, true, you pay for that and Facebook can access it. And they give stupid excuse for accessing your SMS and MMS.).
Believe it or not, if you post a lot of personal information, you are the hacker's next victim. Remove them (though it may be tracked back, it's better to delete it).
I won't say that you mustn't use it, as it's a good tool to socialise with friends.
Too much advertising without adblocker and tracking cookies. I use it anyways and don't expect no ads for free, but still for a buck a month or something comparable, I'd give it a green rating.
Like all other social media websites, be careful with Facebook. People all over the world can easily make offensive or hateful groups with just a few clicks, and there are many apps that will invade privacy. There is also some adult content on some pages.