I hope not. Past the annoying hipster photography and morons, facebook is a damn useful communication tool, it's been used several times (including right now) to plan university group projects. Now, instead of desperately trying to get everyone in one place at one time, we can have group discussions on facebook, even post documents on there, script drafts, shooting schedules, what needs to be done by who, when, where.
That's not mentioning how easy it is to organise events on there, and the fact that one of my friends has used the site to start an awareness campaign for bone marrow donation that's now incredibly successful. In the past, that would've required teams of advertisers and tons of money. Now, all it requires is one broke student and a decent friends list of people willing to share content, which I find incredible.
I've gone on a bit of a tengent here, but it annoys me when people can't see the good parts of "the next big thing" through cynicism.