Facebook has been the daddy of social networking sites for quite a while now, and its ranks are still growing.

Company founder Mark Zuckerberg announced membership recently topped 350 million. However, fast growth comes at a price and Zuckerberg claims the site's network system will have to be reworked and simplified.

The new system should allow users to easily select what content they want to share and it will offer simplified privacy settings, so users will be less likely to get sacked for drunken Facebook posts.