I'm starting to wonder if FB has discovered/created the world's lowest value entertainment. If there's nothing better to do then sure I'll consume my "friends" food photos and drinking stories. But it doesn't take much to steer my attention away. Simple things like boiling water for coffee evaporate my fixation on some friend's inane status message.

If FB's content is really that valuable then put it behind a paywall and cha-ching! Just like Netflix or Hulu+. However I think it's the first massive-scale "default because I have nothing better to do" entertainment. Which may not lend itself to monetization as well as search traffic.