The thing is I feel like I should just create a real account rather than go through the drama of creating a fake one with a fake email to boot.
Here's a question.... Does anyone think FB has benefited thier lives and is worth any perceived loss of privacy?
You really don't know what you want, do you?

The thing is, it's really as public and you want to make it. If you want to make it super-private, make everything up. If you want it super-public, make sure everyone can see everything about you, including your photos. And you can do almost anything in between.
As for benefits, I connected with two estranged cousins over Facebook. They are estranged because their parents had an ugly divorce, and their mom is crazy so they cut off contact with her. Unfortunately we are related through said crazy mom. Our collective parental generation have not talked to each other in almost 20 years (ain't no grudge like an old traditional Asian grudge), but we kids found each other on Facebook and connected.
When I was in NYC just last month, I met one of them in person and it was wonderful. I had not seen her in about 15 years (since she was a little kid) and it was great seeing how much we had in common as adults.
I've had the minor Facebook drama here and there (usually from posting something in haste, and forgetting that a few friends are sensitive), but connecting with those cousins has been far worth the minor hassle.
I haven't experienced any loss of privacy, really. I'm a goody-two-shoes so there's no drunk photos of me that even exist. I never post knee-jerk reactions, so even though I'm Facebook friends with some of my mom's friends, I'm not afraid of anything getting back to her.
From what I've seen, your experience on social media depends
entirely on what you post and who you're friends with. Some people think Twitter is stupid, but I think Twitter is wonderful, because of how I use it.