Does Facebook advertising "work"?

I don't know if it works or not, but a man I have a lot of respect for says:

Facebook advertising is nothing short of revolutionary. There has never been any medium that gives you access to as much user provided data about how people actually behave. Over 900 million people have eagerly listed — in the finest detail — what they like, what they dislike and what they are absolutely passionate about.

The implication for businesses of all sizes is staggering. Now you can advertise directly to real people based on what they've self-identified as their deepest interests, behaviors, hobbies, dreams and desires. Quite simply, there has never been an opportunity similar to this in the history of marketing.

I'm talking about Bob Serling. Obviously he has had some luck with it. So much so... that he is offering a program on it called "The Facebook Alchemy
Certified Consultant Program".

I'm thinking there must be something to it, if it's done the right way.

Regards,
Steve MacLellan