My approach to Facebook and other social networks is consistent with my general approach to technology: All things in moderation. I wrote about that topic about a month ago, noting that anyone with a brain in their head would ignore social media for news and seek out high-quality news sources instead. More generally, I wrote that limiting your exposure to social media is probably a healthy approach.
But Facebook. Facebook is a problem. Its the largest and most successful social network on earth, and they didn't get that way by just giving away the service. What they're really doing, of course, is allowing advertisers to access your personal data. Yes, you must OK each of these incursions, and as Mehedi pointed out, we must take personal responsibility for this behavior.