Pros and Cons of Facebook...

Pros:

•  Instant contact with your friends (Especially now with Facebook apps on mobile phones).
•  Discover new opportunities through joining/liking groups and pages.
•  Find long lost friends or family who you haven't seen in a long time.
• Create Events and Invite friends and others to come a long. Also get invited to events and parties etc.
• Make new friends
• Arrange outings with friends.
•  Create your own personal Profile and space (with picture).
• Upload photos of your everyday life and share with your friends.
•  Promote companies, products or Music Artists. Even Promote yourself as a music artist and become known.
• Post Status's about everyday things, or updates which people can follow.
• Keep up to date with birthdays.
• Keep up to date with General News, Sports News and weather, etc.
• Easy resource to waste time on.

Cons:

• Easy to become self-absorbed within Facebook; so much so it can become your life!
• A big distraction from coursework and other types of work; as it is so easy to access.
•  Can get in trouble with companies, managers, parents, etc, If you post anything inappropriate.
• Fake groups/posts that can invite unwanted virus's and other bugs into your computer (If clicked on).
• There are lots of people that aren't who they say they are. (So it is important to be careful).

As you can see there are a lot more pros and cons to Facebook (That I can think of anyway). It is a very useful resource in many ways, although you do need to ensure you use it safely and in the correct way. If you're not signed up already... What are you waiting for?