I am beginning to think so. Everyday brings more stories about Facebook's ever changing privacy policies and the ever more complicated steps users must take to opt out of Facebook anti-privacy default settings.
The most annoying thing is that you have to keep an eye on this and continually adjust your settings to maintain the level of privacy you want. It is very difficult to do business with a company that continually alters their policies.
And that doesn't even include Facebook's continuing problem with security vulnerabilities.
In my industry I am more or less expected to maintain a Facebook account in the event that a client wants my company to build a Facebook site. Otherwise I would probably pull my account. As it is I have taken to posting every Facebook privacy breach story that I see on my facebook account. It is just my little way of telling Facebook that they have a problem.
Note - Pip.io has better privacy settings. If it catches on I am moving my material there.
Richi Jennings has an excellent run down of the controversy.