Erm, you know you can choose who gets to be on your friends' list and who doesn't...
so Why does it matter if they let everyone make and account?
I personally think Facebook is GREAT. I subscribe to the official pages of my fav artists, news channels, educational pages, etc and get the latest of everything.
I am also part of many groups (private ones), I discuss and share lots of info with my colleagues in uni.
So far I loved every facebook update except for the fugly photo viewer.