The iPhone app is worse. You can't even see your own lists at this point, and clicking on youtube links doesn't just play the video, it opens an embedded browser that gleefully suggests that you try adding youtube to your Home screen.
The iPad optimized site is so useless for reading anything a friend links to that I don't even bother clicking anymore, I just wait until I am at a PC.
The message viewer makes it impossible to quickly mark as-read or delete the vast numbers of messages that I never open because the popup notification on my phone contained enough information to never need to open the full message.
The reason that facebook is still going strong is not good user interface or experience, it is that it is incredibly sticky. They managed to become the new email for a lot of people, and that utility is enough to force a lot of people to grind their teeth and ignore the horrible parts.