Good for you Jeff to have the huevos to say all this. I too believe it's time to understand what Facebook is and use it (or not) according to your company's goals. For most, it'll be of very little value. And every move they make only solidifies what marketers already know: it's a media, a publicly owned media, so it answers to stockholders and advertisers.
Now Jason Miller may not be wrong. I've had this convo with Jason. He claims you get out of it what you put into it. And for Marketo, what they put into it is money. Jason says as much. This is not to say they don't put other things into it. Clearly, Jason and his co-workers at Marketo know what they're doing.
He also says Marketo has made it a meaningful part of his company's marketing. I take that to be true. So when Jason says universally saying "stay away" is short-sided, he's right.
But my take is you said it doesn't work for YOUR company, so you'll waste no more time with it. That's helpful and I suspect it reassures a great many readers who had/have similar thoughts.
I personally have never recommended taking Facebook seriously for any client and I doubt I ever will. I can't think of a reason why it would help them.
Agree totally that their algo is a bullshit trap to do "AdWords for social." And I LOVE your commentary on email and blogging as real marketing.
Facebook's a nice service for socializing with friends. That's what it's for, right?
If you believe as a company you can use Facebook to make friends, it's probably possible. As Jason suggests, that'll require putting a whole lot of heart into it (and putting up with the reality that only a small slice of that heart will bleed through the damn filters).