I also deactivated my Facebook a few days ago, which probably anyone reading this already knows. Not only did I spend too much time on it, I also was frustrated with the surface-level connection it provides. Status updates simply state what someone is doing, or, if they do talk about anything more serious, it has to be masked by quoted song lyrics. I don't think everyone should be completely honest on Facebook; that wouldn't be appropriate. But that's the point--Facebook isn't meant for deep connection with people. So if I'm not truly connecting with anyone, why bother?
I have other issues with Facebook as well, which I won't get into now. Suffice it to say, I'm very happy it's gone. I actually enjoy getting on my computer and realizing there's no Facebook to check. So that was definitely a good decision. Maybe in the future I'll be back, but for now I'm staying away.