Right around the time that my girlfriend and I went off to university together, I pretty much just stopped using it. All of the (little) social interaction I felt I needed was satisfied in-person, and so I didn't really need it anymore. I used Facebook a couple of times (quite literally), but at some point I got fed up with hearing everybody talk about it all the time (I think the foregone conclusion that "everybody has one!" really irked me), so I looked at it all, realized that I really didn't use it, and deleted everything.
Though I still get the occasional friend trying to convince me to come back, I haven't, and I've been OK. I really don't need another Internet distraction, and I don't feel like I've missed out on anything substantial because of it.