Your kids as just finding out that people that talk too much about themselves are boring. On facebook there is an army of people ready to post what they ate for breakfast, what they saw on TV, and so on. These people just want an audience to watch what they are doing (mostly uninteresting stuff heh).
That army is also on Twitter, Tumblr, Google+, Wordpress, LiveJournal, MySpace, and any other free website that allows them to publish themselves for others to publicly see. That doesn't mean that those services aren't useful to those of us who have friends that aren't narcissists.
If your Facebook news feed (or your Twitter stream, or whatever else) is full of nothing but self-indulgent crap, then maybe you should find some better people to be friends with?
Actually I found that most people acted like they had an alter ego. When they are online they are boring, but when you meet them personally they are nice people.
I'm pretty happy with my friends, I just don't feel the need for something like facebook and the need for filtering stuff that I never had to filter before.
For those that find facebook to be so great, more power for them.
Not to mention the "braggart" economy that is springing up. People are now broadcasting their lives - truly or falsely - across social networks to increase others opinions of them.
