I killed my account somewhere around 4 years ago. Overall, I am probably a better person (interpersonally / socially) because I have to actually talk to people in order to "catch up". However, there are some difficult downsides. For instance, given that basically everyone else that I know still uses it, all of my friends now have to single me out with a text when they create an event and want me there or post about something they wanted to get the news out about. Basically, being the one (or one of the few) non-facebook user(s) in my friend group effectively shifts the burden of communicating with me to the person communicating, from the app that was specifically designed for mass communication. So expect to be left out of the loop a lot. Expect to lose some friends (because you won't communicate with all of them anymore). Expect to have to put more effort into maintaining your friendships (since you won't have that constantly opened communication transport that you can easily use).
That being said, I'll never go back to using Facebook. It changed my behavior patterns too much and I was just not happy.
I've experienced the same things and believe that the requirement to put more effort into maintaining friendships has been a large positive for me. Particularly given that I have been a poor communicator my entire life. The phone calls that I have been forced to have with friends since I stopped using social media have drawn us much closer -- at least in part because a phone call is far more intimate than a series of text messages.
Nevertheless, I do think some people are perfectly capable of using both social media and more traditional forms of communication. I don't think I'll ever attempt to achieve that balance given the other ills of social media that I've found myself susceptible to, but to each their own.
That being said, I'll never go back to using Facebook. It changed my behavior patterns too much and I was just not happy.