I think it's great.
I can see my friends' photos and what they're up to. It's much easier to organise events and invite people to things, and get a good estimate of numbers. You can stay 'in touch' with people without actually having to ring them or actively seek them out. You get more people saying 'happy birthday' when it's your birthday, which is gratifying.
I don't have anyone on my FB page who annoys me, so only nice things come up on my feed.
I don't really understand how anyone can start a fight on Facebook unless they are an adolescent - I have never seen a real-life Facebook argument that kicked off a la Lamebook.