I signed up several months ago and I'm still not entirely convinced (mind you, I'm also still mildly sceptical about LJ). Things I have found it useful for are: reestablishing contact with friends I'd drifted out of touch with, and unobtrusively checking up on students who've gone awol (if they're still tagging each other in photographs, becoming vampires, ninjas, jedi, werewolves, zombies, or sending each other fish or aliens, then I know they're not dead or otherwise in serious trouble, they're just not doing enough work). Like LJ, there's a lot of timewasting nonsense on there (I too eschew the LJ fad for 'memes') but in important respects it's not LJ and I'm not sure it's entirely useful to compare them (as some people have done).

Mmm, I still prefer LJ over anything else but Facebook easily comes second for me.

Most of my friends by now use it, whichever country they may be from, which is very useful. I don't see it as comparable to LJ really but *highly* useful for things like sharing photos easily and makes them more manageable(tagging people in photos is a huge plus for me) as well as quickly contacting or letting many friends know things/vise versa.

Which is why facebook is so good - everytime someone like me, who takes a ridiculous number of photos, takes a photo of you, you're even notified.