danah boyd and Adam Thierer are having a very interesting exchange on precisely that question. I recommend taking a look. In a comment, boyd writes:

I’m not wanting regulation. I’m deeply depressed by it. And I’m even more depressed that Facebook is inviting it because they think they’re invincible. And that they’re refusing to consider that what they might be doing is problematic. I think that they *will* be regulated and that’s what we need to contend with.

This sounds about right to me.