The internet, as a whole, is based on free speech. In fact, it is the only medium where you cannot be force-fed with info. eg. In radio, TV, tabloids and newspapers, they publish only what 'they' want to publish. What they publish is almost always influenced and biased by their owners.
Whereas, in the internet, what you want to see is entirely your OWN CHOICE. You just can't be force fed with anything. Complete regulation of the internet is both impossible and not necessary.
Thus, I would say that not only facebook, but the whole internet is a huge blessing. It is entirely your choice what you want to see. You can spend your time reading informative stuffs, watching movie or even by watching pornography.
Regarding the arab protests, recently I've seen a trend: "lack of intelligence". Yes! More and more people are becoming gullible and irresponsible. They'll do whatever you tell them if you manage to put a good image to yourself! You want your government to change your policies, do it by reaching out to your government. This can be done by petitions, letters or peaceful protests etc. If there is a substantial opposition to something, every govt. knows that they'll have to act. But why create anarchy? By creating anarchy, you are promoting lawlessness and giving the criminals and thiefs a safe hand to do whatever they want while you protest. Is this SO difficult to understand? I mean, how can people lack the brains to understand this simple thing? By trying to bring one man down, you destroy your economy and allow lawlessness.
Therefore, I don't blame facebook. There are as many good pages and good news portals in facebook as there are some portals promoting lawlessness. It is your choice of what you want to do and where you want to go, just like the rest of the internet. I blame the "lack of intelligence" on part of the people living in their respective country. They cannot think for themselves. In fact, they can't even think logically on a basic level.