On the other hand, well, that is precisely what some people warned us of - give a single company that much power, and it will inevitably be abused, be it by malice or incompetence.
But it is not easy to give any useful advice, because there is basically no alternative to facebook - you can go with the flow or stay away from it. But there is not "something like Facebook without all the problems that come with it being a single large profit-driven corporation". The only solution I can think of is for lots and lots of people to pool their money and start a non-profit Facebook. And even then, I am not overly optimistic, because by now the network effect is far too strong.