@Amigo,
I like it.
Two of my new facebook friends are friends from the neighbourhood I grew up in. Well, one was a friend, the other was the youngest sister of a couple of my friends. I've enjoyed catching up with them. If I still lived back there, I'd definitely be having coffee with at least a few of the people I've caught up with on facebook.
It also makes scheduling some things really easy.
Not for everyone though. No doubt about that.