Social Networking Sites have become a part of our daily lifestyle as well as a universal aspect of internet usage, where 98% of internet users are on social networks. Several statistics highlight that the adoption rate of Social Networking Sites (SNS), and more specifically Facebook, is increasing continuously and especially among youth. However, little attention has been paid in literature to measure the value gratified by these young users when using Facebook as an example of SNS in terms of perceived benefits and perceived sacrifices. Grounded in the value literature, this paper develops a conceptual model that consists of a set of perceived benefits and perceived sacrifices related to the use of SNS, particularly the Facebook. In addition, the majority of prior research on SNS usage assumes that females and males evaluate SNS in a similar manner. Therefore, it is also important to examine the differences in term of perceived value (i.e. perceived benefits minus perceived sacrifices) between young males and young females when using Facebook. This is significant in framing future strategies and plans for Facebook and other similar SNS. As part of a larger research project, the paper also reports the survey instrument development and validation in the field. We administered the survey instrument to a sample of 60 students randomly chosen from University students in Jordan. Although the sample was small, it indicates that the reliability of the scales is within an acceptable range and it can be used to test the main study hypotheses.