The value in facebook for me and most of my friends is in communication. Facebook is the only channel I use for group messaging. It acts as my social calendar.

The value in facebook for me and most of my friends is in communication. Facebook is the only channel I use for group messaging. It acts as my social calendar. It lets me share things with friends that I think they'd like. The news feed is such a small part of facebook for me (and I'd imagine for most of my friends). I've lived in quite a few countries and cities. Mobile phones come and go, but facebook has for the last 6 years provided a constantly up-to-date directory of all my friends. Interactions across facebook mean that I have ongoing social contact with friends in Australia and Canada that I otherwise wouldn't have. If your friends are all nearby, and always easy to get hold of, then the value may well be diminished.