So far I've seen Facebook recover from a lot of bad decisions. I think the leadership at the company is very strong and that the core business concept ads lots of value to a lot of people's lives.

Disagree. It's been one privacy blunder after the next- each further tarnishing the reputation of the company and service.

If you find oversharing, memes and cat pics valuable, then yes it's "valuable."

I look at it as a tension between things that humans find viscerally entertaining vs privacy that we would all value if we were rational. Sort of a classic challenge analogous to the difference between homo economicus and regular people.