I agree with some of the things others have pointed out but for me the best part of facebook is simply seeing people I haven't heard from in years. I know that it sounds silly but I wouldn't log on to facebook if it weren't for that exciting feeling of, "who will i meet today...".
The thing I despise facebook for is the fact that I get invitations by people who I simply don't know. There should be some sort of way to stop the ridiculous amounts of invitations that aren't relevant.