I relented to the pressure from several people recently, and reactivated my Facebook account. To my surprise, everyone but the kids seem to have picked up on the privacy and security concerns, and in short, nobody is saying anything.
I've noticed that where people used to say something like "Here are my photos from my vacation in Europe", they now say "Here are my photos". Jokes, links, and likes are way down, and as mentioned, most of the content comes from the under-16 crowd, and people trying to promote their businesses or blogs. The funniest thing I've seen in the last week was when my nine-year-old niece changed her marital status to "single".
The Facebook marketing people can say what they want, but the Facebook privacy fiasco has taken its toll. What was once a great place to share private information with your friends has deteriorated into ... well, whatever you want to call it.