I got my facebook a few years ago, after holding out for quite a while, just so I could keep tabs on my kids. Like you Bob, I have reconnected with long lost friends from high school and college which was totally unexpected. I will say that it can be a huge time sink, especially if you start playing the various games on Facebook (Mafia Wars, Farmville, etc...) Also as someone else mentioned, your personal information can fall into the wrong hands but that can be managed so only your friends can see it. All in all it is a good thing I think!

Cheers!
Bill