I just went to my 20th reunion. I will not bore anyone with my ruminations on age.
What was fascinating was the difference I felt in connection to those people I had virtually friended in the last couple of years. I've seen pictures of their kids and know a little ,about their day-to-day lives political views, and maybe favorite books.
My university (Duke) has a pretty far-flung alumni base, so many people fly in without kids/spouses. So, when I encountered people who are friends on FB, we didn't have to have the "so, what have you been doing for the past 20 years. . . " conversation.
Even better was the connection to people I have kept more close contact with over the years. Even when you do your best to talk periodically and email, life can make it hard to feel close to someone who lives three thousand miles and a few time zones away. Facebook can make it easier.
I know this isn't the way the young whippersnappers use Facebook, but it works for me. There are no wild parties portrayed on my college friends' pages (well, mostly not). Instead, there is a lot of political commentary and many pictures of children.
Social Networking helps strengthen bonds that were already there and reconnect those that have been stretched thin.