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If you're easily sucked into the addictiveness of social interactivity, then companies are doing the right thing by at least policing the user behaviour and access.
Smart companies know how to make Facebook and the likes work for them.
However, purely business oriented, Linked-In is tops.
I take a few proactive steps in managing my Facebook account that serve the dual role of reducing wasted time and presenting a clean and desirable "online identity":
~Only join FB groups that offer some professional or constructive utility, or that have a sentimental value. This keeps me away from "If 1,000,000 people join this groups" and helps me stay focused on my life, my work, and my friends.
~Avoid games and "glamor" third party apps. Facebook is distracting enough as it is. Games may be a fun diversion, but they distract from the real purpose of the site, which is to help you cultivate and nurture meaningful connections. The same goes for the "glamor" apps; why spend time decorating my profile or rating my friends when I can actually have real conversations with them about their photos, upcoming events... in a word, their lives.
~Steer serious message traffic to my email. This one is pretty simple; if you have to hop on Facebook to deal with serious productive email, you probably are going to be diverted by the latest Free Gift you've been sent.
Everything said, yeah, I waste time on Facebook. But, at the very least, I try to make that "wasted time" productive in the sense that it focuses on people I care about, both personally and professionally. There is more value in that than you may realize.