Facebook started to go downhill with the addition of third-party applications. It is creating a clunky, un-intuitive interface, which is going the way of MySpace. In addition, changing your privacy options, while comprehensive, takes a computer guru to get them just right, and thus many people have stuff on their profiles that can be viewed by more than just their friends.
This is all on top of the fact that it's probably creating / ruining friendships, relationships, and exposing people's personal secrets and information.
I left Facebook last month, and it's actually quite nice again not being able to keep tabs on friends. Somehow with Facebook, I became more bored with people in general because I knew too much about them. Sometimes ignorance is bliss.
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