I'm not the biggest fan of FB or for the fact that I pretty much have to use it to keep up with friends and family these days. These are some things that you get in exchange for giving up your information: A place to store photos A platform to publish your photos A communications platform (Messenger) A platform to stay officially connected to things you "like" and their updates Near instant publication of your brain…
Others have come up with legit alternatives and doubtless more would try if not for the fact that their biggest asset is lack of interoperability or common protocol. They managed to get just about everyone, techie and non-techie, to sign up and a lot of those people just won't pull up stakes to move to another platform as long as the rest of their "contacts" are using Facebook.
When compared to other communication services that are often hosted by third party companies (webmail is the easiest example) there's really just no way to use something else without still using Facebook in addition. It's not like switching to Gmail or Hotmail because you got tired of your old @aol.com account. In that case you can use any competitor and still communicate with people regardless of whether they switch or ever use the same service as you.
But with Facebook, I can't just start using Google+ or some other service to keep up with friends and family unless they all switch over as well. Or rather, I can switch over but I still need to use Facebook in addition. Same would go for another service even if it was built on a common protocol.
That's the main problem I have with Facebook (or any other service that uses the same model). It's not that I can't find or build something that works better for me. It's that it doesn't matter unless everyone does the same and that simply isn't very likely right now or in the near future.