The last major update to the Facebook app was in November 2012 when some Windows Phone 8 only optimisations and features were added, including support for lockscreen integration (shows photos from your Facebook albums as your lockscreen wallpaper), double wide Live Tiles on the start screen, and fast resume (app returns to last used location, when launched from app list or start screen).
The Windows Phone 8 app is now at version 4.2, with the Windows Phone 7.8 app at version 2.9. Both versions can be downloaded through the Windows Phone Store.
The app still faces frequent criticism in user reviews and does not always match the feature set of the Android and iOS apps (e.g. easy sharing of content in streams, limit of 100 photos per album, lack of content filtering options). If you can't live with the official Facebook app's shortcomings, and need more than Windows Phone's built in functionality, you may want to investigate using the Facebook mobile site, or a third party app such as Facebook HD.