Two of my friends run a wedding planning business. They gave up on targeted Facebook ads because they got MUCH better results using Adwords.
The ads were targeted to a nice big radius that included Lincoln, NE (a college town) and Omaha, NE (a big city, for NE). They targeted women in a specific age range, and if I remember correctly only women with a status of Engaged or In A Relationship. I think they may have aimed for relevant keywords as well. (I personally don't know the exact details of their ads, so I'm sticking to what I know for sure.)
I can't think of a more ideal targeted advertising scenario, and they got less traction on Facebook than they did via AdWords. That's either a REALLY bad reflection on Facebook's ad platform, or a really good one for AdWords, or both.
(Their business is doing really well, for the record.)