When Facebook is used as a substitute for friendship, it can be very, very bad. The article focused on that side of Facebook -- the teen angst, grass-is-always-greener, add "friends" to get ahead in FarmVille side.
When Facebook is used as a tool to support existing friendships, it can be very, very good. It's helped me stay informed of what my family is up to, reconnect with some old friends, and organize various social events. The article completely missed that side of Facebook.
To those whose experience matches the first paragraph, the problem isn't the tool, it's the users. It's a classic case of "you're doing it wrong".