It truly is social networking. I connect with high school and college friends, current acquaintances morph into good friends through interactions online. I can have conversations into the wee hours that make me laugh, cry, heal and grow. I wipe spit off my monitor as my witty friends keep the banter of life on the upside and I give virtual hugs to the friends who just need a shoulder. It's one on one via messaging and chat, it's one to 300+ on your wall, or more depending on your friend count.
But don't ever make the mistake of thinking Facebook is the friendship. Like the poem my mom used to quote: "It's easy to be kind and sweet to people whom we seldom meet..." Same with Facebook. It takes no commitment, it requires no sacrifice. True friendship will eventually cost something or it's worth nothing.
Don't confuse the tool with reality. Facebook is a tool. A very fancy one. But to maintain a friendship, you don't need Facebook for that.