i was kindof addicted to facebook in the beginning,i guess we all were...
but i didnt completely give up,i think thats unnecessary...there are many people who you do want to keep in touch with but they arent best of friends,i think facebook or social networking site are best for these dorts of contacts
even eith just 15 min per or every couple of dys can get you updated on whats happening with your lets say "acquaintances"
ands that is the amount of time i spend..mostly dialy on facebook..which i guess is not-so-bad moderation??