As a business, if you sell products or services directly to real people then it’s probably worth your time and effort. If not, leave it for connecting with friends and family.
It’s possible to create a company page if you’re a business – but the whole ethos and aim of Facebook, to my mind, doesn’t fit with this unless you’re Business to Consumer.
For me, Facebook is a bit like LinkedIn for personal use. You can add all sorts of information on your background, what you’re doing currently, your photos and much more. It has a messaging system so it’s possible to communicate with contacts inside the Facebook environment. There’s a chat facility too for real-time communication.
Facebook can be branded and extended with add-in applications so it can be customised and enhanced to provide a powerful interactive social platform.
You can find more information here: http://www.facebook.com/help/