I've been avoiding this topic like the plague since it's been analyzed repeatedly for the past few years. But then I realized that most of the conclusions have been negative, while I have a slightly different perspective; a positive one.
I like how Facebook keeps me in check. That's a potentially frightening statement. Do I want Facebook to know everything about me and control my life? Do I want all my time consumed by online interaction? No. But the lack of privacy online makes me constantly evaluate my relationships and priorities. And this, I think, is a good thing.
The "potential employer" scare has caused some people to edit what they post on their Facebook pages. There are still plenty of pages that are fairly risque, and I find myself thinking "how foolish." But wait a minute. Who wants to live a double-life? The foolishness refers to displaying one's wild exploits for all to see, and not to the activities themselves. If that's the real you, why hide it?