I barely use facebook now. I'd probably have deleted my account if it wasn't for VT using it. I don't use it to keep in contact with people any more. I'm not back in contact with anyone I knew in the past because of it. I doubt I'm the only one who feels like this.
Does WhatsApp do everything Hangouts does? Genuine question; I've not used WhatsApp.
It'll be good if Oculus is helped by being owned by facebook, but improving things hasn't been their forté up until now. Perhaps this will be different, or perhaps they'll put money in at arms length until it's ready. It's hard to see how it'll help to view baby pictures.