DO talk. It may sound simplistic, but experts say regular talks help. Ask your teenager over dinner what he does online.
DO explain some basics. Young people should never share their passwords, post anything that could damage their reputation or someone else's (such as anything they wouldn't wanta parent, teacher or admissions offer to see), or accept "friend" request from people they don't know. (Note to parents: Kids must be at least 13 to create a Facebook profile.)
DON'T be judgemental. Be open-minded and don't criticize.
DON'T be a "friend." It can be more productive to talk to your teen instead of trying to "friend" him or her.
DO learn Internet lingo. Web-speak is full of acronyms parents can learn by visiting websites such as www.commonensesmedia.org.
For me personally, Facebook is a fad. One day people will wake up and realize how much of life they have wasted being glued to a site that makes people think they have real friends. It is a great tool for family when the family actually includes everyone. The selection process of befriending a family member subjectively is cruel in my opinion. Real families cause enough pain, its even harder when fake facebook families do the same.
The right thing to do is to educate ourselves as parents and use this tool as an open communication tool. Then Facebook truly does become the Social Network. Great movie by the say. Two thumbs up.