Here's my take on it:
Its that relentlessly blinking cursor on the FB status line! It seems to have a hypnotic effect on even the sanest and steady sorts. The compulsion to 'update' one's status has taken on addictive proportions for some of us. Pray tell me why would anyone care if you overloaded on sweets over the weekend or for that matter if you are stuck in a line at some consulate. Totally pointless to advertise that kind of information, isn't it? However, we would be totally incorrect in this assumption. We do give a damn and that's the beauty of FB. The clever folks at FB figured out that humans are essentially social animals who are hopelessly addicted to voyeurism. FB has become a medium for humans to send out 'breaking news' alerts on their private lives to their tribe members, who dutifully respond with wisecracks and comments. Dr Eric Berne, the late Canadian psychiatrist would have described FB as a giant cyber-factory of 'transaction and strokes' within the context of his psychological framework. But let me not get distracted by Dr Berne's psychonalytical framework, which by the way is brilliant in its simplicity and everyday application.
FB in its current avatar is a platform to convert all our 'friends' into a giant peanut gallery with a voracious appetite for titbits of each other lives. We feed periodically them with 'updates' consisting of snippets of the relentless inner dialog coursing through our minds, in the vain hope that they would at least be mildly amusing to evince a response. The 'attention exchange' makes all of us feel like minor celebrities for a few fleeting moments or hours, and therein lies the users' payoff, and the key to FB's profitability.
For those of you FB regulars who are now shifting uncomfortably in your chairs reading this, I have a small confession. I too have fallen victim to the FB addiction over the last few weekends, wasting away precious hours staring at 'updates' in my FB page, instead of being out and about. When I caught myself checking my FB page today before breakfast, I realized that I was developing a facebook problem, which is why I am back to blogging as a way to wean off Facebook. If this doesn't work, I am deleting my FB profile!