HN is famously... not neutral in regard to Google. Not necessarily because anyone's doing anything nefarious, but because early users came from certain places and formed a certain culture. You won't get a neutral perspective on Facebook's effectiveness here.
Facebook advertising has been very effective and profitable for at least some clients. I think Google+ shows that Google is terrified of Facebook. I have no knowledge of how Google's advertising revenue is doing, and wouldn't be at all surprised if they still dwarfed Facebook.
Using the Facebook platform for advertising can be extremely effective and profitable. Facebook Ads on the other hand have been lacklustre at best. They can be effective to drive activity to a Social campaign on Facebook, but are immensely less effective then google's ad products.
On the other hand, google knows it is likely just a matter of time before Facebook gets it right, and when they do they are one of the few companies who could complete at scale with google.
Facebook advertising has been very effective and profitable for at least some clients. I think Google+ shows that Google is terrified of Facebook. I have no knowledge of how Google's advertising revenue is doing, and wouldn't be at all surprised if they still dwarfed Facebook.