I actually kind of feel for facebook. Not even a year ago people were complaining about Facebook not having enough relevant content etc. So they were migrating away. Old facebook was filled with commercial spam and made it a crappy experience. EdgeRank helped with that aspect a lot.

Switching hats, this also bothers me though. I'm a marketer for a lot of local businesses through my agency, and obviously this sucks. It's still a really valuable platform from a paid perspective. In fact using the some images and copy on facebook versus Reddit I get almost 5x the CTR and conversions. I guess what I'm trying to say is that if you're savvy and you're willing to treat Facebook like any other ad network there's still a lot of value to be had. The days of free engagement from pages seems to be coming to an end. That really sucks for people who paid to build their's up. Going back on features like that and screwing people etc. seems to be an endemic of the tech industry as a whole though and not just Facebook. Google Reader anyone?

I know this is more of a rant and points out more problems than solutions, but I just wanted to point out the situation is more complex than Facebook is bad let's hate them.