Well I'm actually took the other side of this argument in a comment 4 hours ago, in what I thought was a pretty solid argument, however I'm getting reamed in voting, so maybe I'm wrong...
On the other hand, hackers (myself included) value raw utility highly and maybe on average we just prefer google search and google maps as tools due to the vapidity of Facebook. I certainly feel that way.
However, comparing the impact on the larger world, I really really think Facebook has made way more impact than we care to admit. They got the whole world on a single social network. They created the newsfeed, some thing which is ubiquitous across all sites now. The Facebook platform, though buggy and heinous was completely revolutionary when they launched it. They created a single sign on that is used by a staggering number of people across the web.
Personally, Facebook's innovation over MySpace is every bit as impressive as Google over Altavista or MapQuest. We may not value the ends, but 500,000,000 users with orders of magnitude more engagement than Google is undeniable impact.