I find it interesting that both the New York Times and the Wall Street Journal have policies regarding Facebook and both are quite different. The New York Times allows its journalists to use Facebook. It is a good way to find sources and leads. The Wall Street Journal does not allow any social media use, believing that business and pleasure should not be mixed.
Personally, I think if a journalist knows how to use Facebook properly and friend the right people it can be a great journalistic tool. In agreement with the New York Times, Facebook helps find sources and potential leads on stories. After all, the only way Journalists could get in touch with the White House Crashers was through Facebook.
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