I see that after completing all the necessary troubleshooting, you are still experiencing problems with getting Facebook to work properly on your Apple iPhone 4. I can understand your frustrations!
I would like to recommend you reach out to the Application Developer so they can further assist in getting the application working on your device. I am including a link below with instructions and screen shots on how to Report a Problem within the application.
Let me know how this works out for you!
I've had the same issue. I've noticed when viewing the news feed, at the top right corner it says "Top news", if you tap that it will show other options like, most recent, photos, etc. Viewing "most recent" will help with that problem.
When they did the last update, the app went down. I have had nothing but problems with it to the point that I have been using the mobile site. I haven't been getting alerts from the app so there is no difference with using the mobile site. I hope they fix it soon.
Please uninstall the Facebook application and re-install it to the device. If this does not work, please reset your iPhone ( hold the sleep and home button till you see the apple). Then, re-install the Facebook application and monitor both the application and the device.
Let us know if this works for you, thank you!
Not sure if 4.2.9 or 4.2.10 has anything to do with it since I didn't upgrade to either iOS update but I have updated each facebook update available. The one previous to this latest one gave me trouble but I think FB realized the issue pretty quickly because an update was available within 2 days. Have you tried resetting or restarting your phone after deleting the app but prior to redownloading it? Not sure if that will help but it can't hurt.