Yes FB is definitely becoming less useful. For example, it used to be that if I listed my employer and set it to "friends only" then that was that. Now, if you visit my profile, it's still friends only - but if you go to my employer's public page, my name is (actually was) listed there! Same with all my previous employers, the colleges I attended, my interests, etc etc. Hometown too maybe! So I have removed all of that.
I can't help but think this will backfire for FB. Their long-term value is being deeply embedded in people's real lives. The real value of FB for me is that my friends merely need to keep their profiles up to date and I have a self-updating address book and birthday calendar. If no-one lists that then FB is merely as sticky as Twitter which is to say, not much.