The Core

I think it totally depends on what you are trying to do with Facebook marketing. If you are wanting Likes, yeah, it is a waste of money. If you are selling products it can still be a great way to go.

If the Viking says it worked for him, I'll give a go...

Potential Campaign Audience = 5,200,000 people

I'll tell you at the end of the month, mf

BUT check this out:
http://www.shopify.com/infographics/social-commerce

I'm not doing ads - only boosting excisting posts that we can see had a little traction.

Facebook is good for keeping in touch with friends and families banal activities and terrible for privacy. Their model is also terrible for business and I don't know why they would pretend otherwise or why every business thinks they should be on Facebook. I think it is something that people think they need to do otherwise be chastised by the simple crowd-followers of the world who say - "if your business isn't even on Facebook then you're nobody or are clueless". Unfortunately your boss is likely to be one of these people.

I don’t think that social media marketing is waste of time because nowadays it is very important for directing more people towards a website which will also improve the ranking. All the business (including well established brands and small business concerns) are using social media channels for getting connected with big community of people. I am also posting contents on social media which is directing more people towards my website. However, it sounds good to read your analysis about social media marketing for today’s world.