Are there any cons of build the facebook SDK library project into a JAR file(as ADT 16 does with library projects) and adding it to your project? I am not changing anything
Yes! I just figured it out myself.
You need two jar files:
Option 1
The first can be found in the bin folder, the latter in the Android Dependencies folder. (Of the FacebookSDK project)
After adding them both as libraries to my project (Project --> properties --> Java Build Path --> Libraries) it actually worked.
Option 2
Another way is to copy paste the facebooksdk.jar and get the android-support-v4.jar via Right-click on project --> Android Tools --> Add Support Library.
Good luck =)