How drastically is facebook changing our culture?

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A few years ago, before facebook and online games, chatrooms etc, what exactly did we do. The whole culture of our society seems to be changing and the new generation that will be starting work in ten years time or so are effectiviley the facebook generation. So for me the cons of facebook far outway the pros. Your privacy is compromised. You can nosey in on other peoples lives. Being social typing words on your computer and awaiting a response. Yes you may find some long lost friends or relatives, but for me, thats about as useful as it gets. What is your opinion on this and am I wrong?