[jonknee]

MySpace band pages were the rage a few years ago. Times change. The MySpace pages at least provided value for both sides--you could hear the music and the bands could let you know about shows. Most business pages I've seen on Facebook are one sided in that the fan gets nothing out of it other than letting all their friends know what corporation they are a "fan" of.

[masterj]

It really depends on the business. There are a couple of local businesses here that I follow: a liquor store, a crepe cart, a coffee shop, etc. They all regularly post with specials, events, new dishes/type of coffee/beer, etc. YMMV, but knowing that I can pick up grilled fig, honey and goat cheese crepes on the way to work tomorrow is pretty cool in my book.

Though I imagine most pages are not quite so well utilized. These are all small, local businesses.

[city41]

That's not really true. Bands can, and do, use Facebook pages as effectively as they used Myspace pages. You can include audio, tour dates, etc on Facebook pages quite easily. In fact it's my sole means of finding out when/where my favorite bands are touring now.

Facebook pages are even better, because this can apply to anything, not just bands. I also get informed of the latest Abstruse Goose, updates to favorite iPhone apps, etc, all through Facebook. It's just up to the owner of the page to use it effectively.