Does Facebook really need a review? It's huge, and getting bigger all the time. I will say, though, that it's a great site for more than just kids and college students. I'm a thirty-something professional, and have gotten quite addicted to it. It's the first social networking site that has really hooked me. Here are some reasons why: it's a clean and intuitive interface (unlike gross MySpace), the one-line status updates are a great way to keep up with a lot of people, and it is becoming more and more of a platform (and integrating with all your other favorite sites). Once a critical mass of your acquaintances are on Facebook, you'll find yourself trying to bully the rest to come on board.
Ah, nothing like having people from high school who you never really hung out with and only vaguely recognize "friend" you. Mildly amusing to see how fat everyone is.