On a personal level, setting up a Facebook or MySpace page would be one of the last things I would ever wish to do. There are too many security and privacy concerns.
Workwise I expect that the reality is that this is the way many people communicate and get their information nowadays. British Library and other institutions have certainly bitten the bullet in establishing their continued "relevance" in establishing a successful Facebook presence. It's certainly another way of letting people know about library events.
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