I'm not on Facebook. I think it's for people who are too lazy to create an email group. I don't want to see pictures of your lunch or more than one of your grandkids. It's narcissistic and masturbatory. Like homo sapiens.
That said, I don't believe Facebook can be something between a publisher and a glorified mail service. We don't censor emails or SPAM. Why should we censor Facebook? OTOH, Facebook could provide the service of censoring for those who want it. A simple "Don't let me see ...." button would take care of that. Facebook would not be censoring; users would be hiring Facebook to censor for them. But users who want to see nonsense have a right to see nonsense.
The first line of HBO's wonderful Deadwood was "No law in Deadwood?" That was the premise of the show: how does order emerge from chaos. We will become better consumers of social media with time. I like the suggestion that Facebook assist in (i.e., invest in) the education of its users. But at the end of the day, the enemy is always our own naivete, and the solution is always a less foolish public.