If you want to take another shot as trying out Facebook and want to have someone look over your campaign, feel free to drop me an email.
Although if you're paying $0.05/click for traffic on Google there's probably less upside for you then someone who's paying $0.50/click on Google.
It wasn't just that the clicks were expensive (also around ~$.45, interestingly). Our site is free to use, with no log in, and we have at most a 20% bounce rate on any one day using adwords. The facebook users had a 77% bounce rate, and those that didn't bounce stayed around for almost no time, clicking on an average of 1.5 pages as against 7.7 for our site average. They also typed in really lousy queries, if they didn't just press 'search'.
I believe we firstly need to settle something out - and the article did that right from the title - you don't go on Facebook to sell, you go there to discuss, receive feedback, critics and nice words, you go there to create a community.
This being said, next thing to do is to establish what exactly you want to do there. Raise awareness, drive traffic, improve your communication skills, increase your community and so on.
Based on this analysis you can then determine if the money you invested were in vain or not.
This was a year ago. Every couple of months I wonder "Hmm, should I take another whack at FB?" and then I decide to do something useful with my money instead, like buying Frontierville dresses.