No, what Facebook does have is broadcasting capabilities. Rather than going through 13 tedious phone calls, I can post one status update. Unlike email, I don't have to specifically include or exclude various relations from the list of people I'm writing to. It contains its own IM service (though my fiancee and I use Skype together). It's far faster than postal mail (like everything else electronic). It costs far less than a personal website with forum software running.

It's a local optimum. Not supremely perfect, not magical, but good at what it does.