Facebook is a site that continues growing daily that was initially meant for the communication and networking of college students. Of course, now that the age group of people that it is accessible to has become more varied, this increases the danger of it, but overall it is a great website for networking and keeping up with old friends.
Things that I would not advise using it for are…
-Dating or any type of relationship outside of friendship
-Stalking
-Gaining Revenge (posting inappropriate photos, sabotage, spreading rumors)
-Intimate wall posts
But other than that I really see no flaws in it security wise. Of course there is the blatant trouble of the millions of applications that become a bother. But just as easy as it is to accept them all, you can also ignore them all. INDEFINITELY. So there is a way around the Apps issue. Now along with the good of it there are also the negatives.
Many friendships I know have been destroyed over FB. Wall posts remember, are 100% public if you don’t have your profile protected. So don’t be stupid and share an intimate detail such as addresses or numbers of friends on a public page. It puts them in danger and you as well if they ever find out. Also, the ‘relationships’ profile choice, which displays your romantic status and possibly the name of your significant other to all of your friends. Now, clearly anyone who fills this out has either neutral, bad, or good intentions with the information that they put out there.
Another thing is that (I know everyone knows this already) but colleges are starting to snoop around on the internet to find dirt on their future attendees. Be careful with the pictures that are posted in the photo albums. Big problem if you and your friends are seen with a goofy smile holding a Sam Adams in one hand and an anonymous red cup in the other hand with people doing lines of coke in the background.
I exaggerate a bit, but in all seriousness I love Facebook as a tool to keep in touch with my friends over those long periods of time when we just get too busy to communicate any other way.
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Touchstone 
I haven’t used Facebook, but have certainly heard a lot about it. I use Orkut, and sometimes that gets boring too. 🙂
I’ve never heard of Orkut. I’ll check it out to see what it’s about though. But facebook has my life in it. 🙂