If people are posting mindless, annoying things on Facebook, it's your friends, not Facebook.
Sure, you have people who constantly post about their mundane lives, narcissists who constantly post awful photos of themselves, drama queens who post all the "woe is me" crap, people you've met once that think they're you're best pal, etc.
In those situations, I either de-friend those people or simply hide them from the news feed. Problem solved. If you don't want to hear from people from high school you haven't spoken to in 15 years, then don't accept their friend request in the first place
But there are people with meaningful things to share who maybe moved away or now have their own families so it's harder to connect with them. The chat is useful because everyone has access to it instead of people spread across a half dozen different clients.
Most of the things people complain about on Facebook are completely under their control. Games? Facebook isn't the first place people could play games online, so I don't see where that's an issue. Too much time online? AOL perfected that in the 90's. Yes there are some inane things available, but no one is forced to use them.
It isn't really Facebook as it's the always unlimited access nature of the modern internet.