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No. of Recommendations: 6
A lot of young people tell me they don't use FB anymore and alot of people who I knew that were addicted to FB when it came out have cut way back.

This exactly contradicts the publicly available statistics on Facebook usage. But then people seem to enjoy making up their own facts, so help yourself.

Of social networking sites, Facebook has 92% of users, 18% use LinkedIn, and 13% used Twitter in a surveyed month. The numbers overlap because users overlap, of course. Now only about half of US adults say they use social networking sites, but apparently nearly all of those use Facebook, while only a small minority use Twitter.
http://pewinternet.org/~/media//Files/Reports/2011/PIP%20-%2...

Besides all of this they still haven't made it clear where the revenue will come from.

Uh, this year they will do $5 Billion in revenue, plus or minus. Billion, with a B. Not to put too fine a point on it, but that's twice what the New York Times sells in advertising each year. Five times what all of the various radio networks sell, combined. It's nearly as much as it costs to advertise on all billboards of every dimension on every road and on every building in America for a year. It's not small change, contrary to what some uninformed people think.

I for one find it a huge waste of time

Sure. And I find NBC and CBS a huge waste of time, but that's not exactly a reason why they are crappy businesses.

But since this is just roll bait anyway, I think I'll take it and write a different post and see how that goes.
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