One of the advantages of Facebook is, it's useful for finding long-lost friends and acquaintances. It's also somewhat useful for assembling groups of people (e.g. likers of Facebook fan pages) interested in a topic, and distributing information to them. It's a good way to distribute images too. Who knows what else its proprietary algorithms do (or how they do it) to help users find stuff that they're likely to be interested in, and weed out what they are unlikely to be interested in. Facebook is designed to be an easy way for procrastinators, or those who have a few idle minutes to fill, to find stimulating material or information. There is always something new and entertaining on the feed, and it's coming from quite a number of sources, rather than being monotonous.
The fact that random people can't post messages, but have to be added as friends first, is against the kinds of vandalism, spam, and other improper behaviours that requires people to vigilantly play the role of moderator on wikis and blogs. Facebook lets each person have a venue for personal expression, without requiring themselves to set up, maintain and publicise a website. It can work synergistically with one's personal website; one can post status updates and create fan pages linking to the website, and one can post on the website links to Facebook profiles, fan pages, etc.
Facebook has quite a disadvantage too as it is a social media website with lack of privacy. Facebook user's status update feed for example. Some users post a lot of interesting statuses, but there are some status that might be able to get someone in trouble. Facebook is also quite an addiction. For some people Facebook could be more addicting than cigarettes. Using Facebook for your need is actually good for us but when we waste most of our valuable time then it becomes harmful. The biggest disadvantages of Facebook is it's addiction which causes many problems, mostly because it kills our precious time.
Facebook can be a good thing and a bad thing for us. It might be able to help us and also might be able to harm us. We should also not over exceed with the usage of Facebook as we can get addicted to it and forget about the real world. Facebook too might be able to get us to know more people but in the same time, it might be able to get us into trouble by mixing with the wrong kind of people. We should be really careful when on social media websites.