It's a brilliant platform. You can control what and from whom you hear about, so the complaint about boring or stupid updates is a non-issue unless all you have are boring friends to choose from. That seems to be the issue with most, (but not all), FB haters.
It's the best thing in the history of the world for sharing vacation and family pictures, particularly baby pics from close friends and family. You can actually look at them for a second or not at all and no one is the wiser. Try that with aunt Emma handing you a stack of Kodak prints one at a time back in the stone age. And you can look at hi-res photos or videos of stuff that you really do want to see, for as long or short as you want and when it's convenient.
Nothing is perfect, especially the world's largest web app. There are people on my friends list who I wish would post more and others that I wish would post less. But once I bothered to open up the preferences and figure out how it works, I'm rarely if ever annoyed by anyone. I suppose that if you live somewhere boring and only know 40 other boring people, then yeah, FB would suck.