I'd have to say only if there was another social networking option that everyone was flocking to. Social networking sites are a fantastic place to promote for music events, which is what I use my facebook page for. Used to use myspace, but they've dumbed it down so much, made it an irritating process to post shows on band pages, and just made it look plain ugly. Also, inviting people to events, you have to do it one at a time. So in almost every sense, facebook is cleaner and easier to use, and it's where everyone is quickly going. Until something better comes out, I'm stuck.