If it makes you feel any better, you've missed absolutely nothing. Facebook has only gotten worse.
What's changing is the tolerance some ppl (e.g., you, me, the HN'er above your comment) have for it's mindless minutia, as well as the privacy issues.
The takeaway for me is simple: the evolution of humans - FB the Big Inc and the masses that feed its bottom line -is greatly exaggerated. Could some of the devo'ing be due to FB? I suppose. But for the most part, the signs have been there all along, FB just made it undeniable.
It's a massive collective blindspot.
I mainly use Facebook for the messaging.