Sure, sounds fine! Why not make a normal website that isn't under the control of some greedy corporation? That's what the internet is for, to me.
Certainly Facebook is within their rights to prohibit this kind of thing. You can even see why they'd want to do it: to make Facebook more friendly to the paying customers (advertisers).
But it's an interesting question, how far down this road Facebook or any other site can travel before the utility of the site is reduced to the point that there aren't enough active users to attract paying customers.