FB does allow you to stop access to your address book when you register but it is a tiny little box you need to "uncheck".
I enjoy FB to keep up with actual friends and family but I have limited access. I have also ticked off a few people because I didn't accept their friend request.
I don't have a reason to have 500 friends.
All of the "games" and "fun stuff" want access to everything and I never use them. It's also nice to be able to block the games without blocking the person. It was a little frustrating to open FB and there are 20 updates that are nothing more than people wanting you to water their fields, supply them with a stake to slay the vampire or eat the pancakes they made.
Otherwise, Facebook is a good way to share photos with family and keep in touch with those far away.