I started using Facebook because my brother was living in S. Korea for a few years, and it allowed him to broadcast updates and share not-particularly-personal photos without having to send loads of e-mails.
I just use it as a convenient means of keeping up-to-date with about 30 people I have as friends on it. One irritating thing about it is having to regularly check privacy settings in case they're trying to peddle some new way of exploiting the information I've given them and automatically opt me in to it. The other irritation are some people I know playing Facebook games. Yes, I am *so* interested that you're playing Farmville 24/7, really. Instant hide/de-friend/whatever.
One thing I find a bit disturbing about it is something I read recently that more Internet traffic goes to Facebook than Google. It seems like loads of people have found Big Brother: The Next Generation, and they're drowning their brain cells in it.