I think that while LinkedIn provides a better context for establishing business connections, Facebook can be a good complement. As many studies have shown, Gen X/Y/etc. is increasingly blurring the line between personal and professional.
For this reason, I maintain "connections" using LinkedIn, but a "social" network using Facebook. I am connected to many individuals in my social circle through both services. We use each one differently. Frankly, we use Facebook to share resources (links, documents, etc) and communicate FAR more frequently than LinkedIn (which doesn't really provide a venue for that type of daily interaction).
Unfortunately, Facebook is littered with so much detritus that I can't see communicating with all my colleagues on that platform. But that's the fun of it, too: the communication I have with family, friends, and coworkers is transparent to everyone. I've engaged in interesting conversation with a colleague based on a comment I made on my cousin's Wall...and vice-versa!
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