I remember being disappointed when they dropped the college requirement. But I do think that was the right decision. You'll only ever scale so much by only enrolling .edu users.
The people who invited me into facebook do not have a degree. I have not posted anything in probably 5 years. From the activity feed spam FB sends me it looks like they both post quite a decent amount. I have have not logged in, in probably a year. When I got on there it was sort of fun reconnecting with people I had not seen in years. But after a while I remembered why we had drifted apart...