Is Facebook the New Water Cooler?

I was just writing to someone that one of the positive attributes to working from home is the lack of a water cooler.
You know, that time waster, gossip monger, television show rehashing fixture in the hallway near the break room?
If I want to talk about what a great job marie osmond did on Dancing With the Stars the other night, I'll call my mom. However, working from a home base allows me to miss out on the politics and backstabbing often found near the watercooler.
Until I read the October 1, 2007 article in Business Week in which they call Facebook the online version of the water cooler.
I've joined Facebook and am a member of four groups and yes, there are times when I converse back and forth with a member, but a watercooler?
I beg to differ.
The article quotes that 20% of large company employees are blogging or are part of social networks. That's great – the number of people aware of the benefits and power of blogging are growing – but a house of gossip?
Maybe I'm just living in my own world.
What do you think? Is Facebook the new watercooler of this next generation?
Deborah Chaddock Brown