I just figured out a good amount of info myself, by using a $50 coupon from them. Their ads way under perform google ads for me as well, but in the last two we

I just figured out a good amount of info myself, by using a $50 coupon from them. Their ads way under perform google ads for me as well, but in the last two weeks I was almost able to squeeze an equivalent CTR, even if my conversion rate (signup for free account) through FB ads has been dramatically lower. I can pull a 15-20% conversion rate from google ads, but FB is only 5.7% right now. My CPC is about $0.15, which is down from $1.00 when I started. The biggest difference I am seeing in performance between adwords and FB ads is that adwords works well for exploratory searches (obviously), whereas the only FB ads that are performing worth a damn are the ones calling out our competitors. My slew of ads have crap performance except the two titled "Tired of Map My Ride?" and "Tired of Garmin Connect?", with map my ride and garmin connect being our two big competitors. So, to wrap up a long winded reply, I agree with Patrick. For most, it's probably equivalent to lighting money on fire.