I'm not a big Facebook fan, but I bought my Mom an N7 to replace her slow as hell notebook PC. She mostly uses Facebook on the N7 and because she's new to Android, I have to constantly help her and show her how to do things.
So I've used the FB app a fair amount on the N7. From what I could tell, the only major difference between the app and the full-sized website (on desktop PC) is that the full-site has the option to hide an individual post or hide all posts from a person.
My Mom constantly complains about stupid FB posts on her wall from her friends/family, so I had to login onto the FB website on the N7 (using Dolphin's desktop mode) and hide away any stupid posts. Then go back into the app and refresh it to make them go away.
The app needs a lot of work, but it is decent enough to use.