At the end of the day, a Facebook connection from someone that you otherwise don't communicate with, or run into in the real world isn't important. So those conversations are only awkward if you make them so.
I think Facebook is sad, very sad, and the majority of people waste their lives away on it.
Things like that.
Becoming a global media monopoly, Facebook is going to have trouble. They may be able to skirt US anti-trust authorities at home, but not abroad. More local jurisdictions will demand global jurisdiction over what Facebook chooses to do. The bigger they become the more targets are painted on them. They are already far too large to escape scrutiny. At some point, the damage will be done and Facebook will cease to be effective.
Here in the US, I have almost zero need to anything Facebook provides. The people I am friends with on Facebook are the ones I see once every 2 to 5 years. I don't miss anything besides pictures of someone's latest baby. Google, however, is a whole other monster.
Google is indeed a whole other monster with a different set of issues. It's more of a blob with tons of parts, some more benign than others. Some parts comparable to Facebook, some more legitimate.
I don't use Facebook as it allegedly does not make people happy if they spend forever on it. I believe it is as bad for your brain as a high sugar diet, no good for concentration spans.
2 years off Facebook here, and while I didn't do it to be hip or retro, once I quit I started to rediscover... snail mail. I've kept in touch with some of my Facebook friends who are far away via handwritten letters, and gifts. It's been awesome to get unexpected parcels in the mail full of random items & gifts, candy & CDs (!) from overseas etc, usually with stories behind why the items were chosen. We could have done that while still on Facebook too, of course, but there wasn't the impetus to do so.
Disconnecting from Facebook would mean disconnecting from a huge base of friends I don't want to lose track of.
I never read status updates. When I go to Facebook, I always go straight to my profile page. I pretty much just use it for the chat. If I like something a friend has posted, they usually know I specifically went to their page to look. For people who have blogs, I'd rather add them to my RSS reader and encourage RSS use.
I'm not sure where's life going but at least the old problem space has gone. New problem space more worth it.