Agreed with that - I know that in my campaigns, I prefer having a bunch of smaller campaigns, which I can track the performance on at a very incremental level.

One twist is also that a lot of advertisers don't do CPC bids with FB. I know for Mobile Installs, the default is optimized CPM, without a specific CPM bid. Just throwing it to the FB algorithm wolves, and seeing where it lands.

I've found that has better results than CPC, CPM, or CPI bids, but, because it's entirely in the hands of Facebook, I have to watch it like a hawk. If I look away for a few days, the costs can get out of control.