So, last year on a whim I took the plunge and gave up Facebook for a month. It was fabulous.
Although I missed out on a lot of posts about The Bachelor and pictures of various babies and puppies and whatnot, the benefits far outweighed those costs: I looked at my phone less (once I gave up Google+ too), I didn't get caught up in whatever online drama was happening that day, I was more focused and productive at work, I got more sleep.
When the month was up and I got back on Facebook, I felt I had a better perspective on what it was all about.