I am solidly of the opinion that Facebook is the best vehicle to advertise indie music that has ever existed. I'm basing this on my own experiences using online advertising techniques for subjects other than music- specifically my law practice. I used Google Adwords quite extensively in my law practice for 2010 and 2011 but stopped when I realized the money I made basically went to pay for the ads. I'd rather spend less and makes less then spend more and make more.
Obviously though, using Facebook to advertise services as a criminal defense lawyer is a loser. No one wants to "like" a lawyer for their DUI on Facebook- it's just not something you "share" with your social network. Music, on the other hand is perfect- specifically for learning about bands and local events. Facebook is exactly how people want to hear about new bands and local music events.
The main problem with using Facebook to proactively advertise is that it creates friction with your fans. People don't want to see a ton of posts in their stream from whatever page is being operated. They especially don't want to see posts that aren't relevant.
A common manifestation of this problem is when a Venue posts an update about a specific show on their main page instead of posting it on the specific event page (or even worse they don't have a specific event page set up.) The Artist equivalent of this mistake is posting information about a show on the main page instead of putting it on the event page (or not having a specific event page for each show.)
You can even hide specific events from the main page entirely by checking the right box so that you can create the event page but no one sees it unless you put a link to it somewhere else.
So let's say you are a US Band with a 20 date US tour. First you create 20 event pages and mark them all as 'hidden' so they don't show up in rapid succession on your main page. Then you create a "master" US Tour Page and you put that on your main page- so that people can either RSVP for the master US Tour page- or if they want- link to a specific city. Then to promote the tour you can post directly to the master US Tour page OR a specific event page- minimizing the friction on your fans who don't live in the US OR don't give a f*** about your US Tour dates.
For a venue it's more complex- you might have a month by month master show calendar "Venue X March Show Calendar" or maybe just separate event pages- but the key is not to post a video for Show Y on your main page- post it on the show page so you aren't constantly inundating non interested fans with irrelevant posts.
Save the main page for big upping your friends, sharing influences and generally doing the kinds of things that fans like to see Artists doing.
Oh and if you are an Artist or Venue that has installed Bandsintown or some other kind of 3rd part fb app get rid of it because you are losing the opportunity to develop your Facebook presence for no good reason.