as soon as they opened it to non-.edu addresses, I got onboard, and I love facebook in terms of encouraging real-life interaction.
you don't get spammed much at all, and the advertising is not nearly as intrusive as insidious as myspace.
also, people can't over-"pimp" their profiles. things are relegated to a standard, unlike myspace, where some profiles can crash your browser.
murdoch will make a fortune with myspace, but facebook is growing at a much larger rate now.
the founder, mark zuckerberg (of course) recently turned down a billion dollar offer. He's accused of stealing the idea and business plan during his harvard days from a place for which he briefly worked.