Part of me suspects you didn't actually read the article. While the title is sort of link-baity, the actual content is interesting in that it compares Google Analytics, server logs, and his Google Adwords campaigns to the Facebook one. I don't think his conclusion is that Facebook ads don't work. It's more that Facebook is charging him for false clicks and non-unique clicks. His last sentence sums up his own experience:
"But it definitely doesn’t seem like you are getting what you pay for, and certainly the value, at least for my site is not there."
"But it definitely doesn’t seem like you are getting what you pay for, and certainly the value, at least for my site is not there."