I'm in the "not a question until 13" crowd...Good post mamacatnv!!
DD13 just got hers. I am not "friends" with her, nor is she allowed to have anyone not her age on her account (except grandmas and aunt). I don't have kids on mine at all either. Adults often say things not realizing that a kid could be in the audience. So, it's best for us to stick with your own age. i do moniter regularly since I have her password, etc. So far, no problems.
This is why I said I'm comfortable with how its being used for my family. Being that we all got involved specifically to keep in touch with extended family, it's pretty much G rated, and almost all filled with family gossip, how's school going, photos from grandma's vacation, a cute you tube link and word twist challenges.
She does not care for any of the stuff anyone writes on mine and doesn't read any of it- just goes straight to my games and works on my frontier and mousehunt and all that stuff. I have told her no to having her own account for the time being, but seeing as all she does it play the games, she might get her own soon. I also told her, if she gets her own account, I will have the password and no one is added as a friend without my permission and I will heavily monitor the account. I think a lot of it has to do with the maturity of the child and how you monitor it's use- just like anything else in this world. Watch your kids and guide them and show them what is right.... although getting and "illegal" facebook page for an underage kid is kinda going the wrong way about it, but I am the parent, not facebook.