FB marketing is effective, question is at what price. If those prices drop, ad dollars will flow back. It will take a few quarterly modeling cycles to reflect this though.
The contra-contrarian view is this: FB, Google have an unusual mix of large, medium and small advertisers all bidding for the same inventory. That's what makes FB and Google somewhat immune to large advertiser pricing pressures (and issue of the day spend bans). However, only the larger advertisers have budgets for complicated cross-publisher modeling. If organic FB tools show higher CPAs, it will drive the smaller marketers to other platforms causing some interesting feedback loops.