@daphnehk @MechanicalTurk @DiogoConstantino @joris I appreciate your input!
For me, the question becomes "What is the alternative to take it or leave it basis?"
Like, can FB say "You can have our full service if you consent to tracking, but if you don't you can only have Facebook Lite with videos capped at 360p" ?
If the answer is that FB can provide a lesser service for users who provide less value (to FB) then that seems totally fair.
If the answer is no, FB must provide completely equivalent service to both its money-making users and its money-losing users, then it does still seem like EU is saying "You cannot require users to provide anything at all in exchange for free services" which seems to me like it'd lead, ultimately, to people not offering any free services at all in EU.
Note: I personally loathe Facebook and haven't logged in for a long time, but this is less about defending FB to me and more about thinking through what commerce on the internet looks like under these rules.