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In another comment[1] I mentioned I've found use of a work social network valuable/meaningful - I think part of the reason our observations/experiences are so different is that you work in a small company and I at a large one. Not everyone can be expected to make use of it (much like not everyone uses social media outside of work) so I think for it to succeed the company has to be of sufficient size so that the portion using the social network is enough to provide value.

As for some of your specific points:

> Nobody is sitting there waiting for their news feed to update.

I check the feed in the morning and usually again in the afternoon. It's not expected to be something you stare at for eight hours a day.

> Nobody wants to seem like they are slacking off talking on social networks instead of working (even on the work one).

Think that's more of a company culture issue - our use of it is appreciated/encouraged.

> No memes and other fun related things, nobody cares and nobody checks.

The vast majority of posts are work-related but we have plenty of groups strictly for non-work/fun purposes (e.g. we have a group for discussing video games).

[1] https://news.ycombinator.com/item?id=11026577

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