This is an interesting question - my thoughts are.
We all accept that we need to have rules that govern our behaviour, what we can and can not do in our own countries (laws), driving cars, on airlines, advertising standards etc. So Why should Face Book be unregulated?
I believe there should be some agreed code of conduct for those who use FaceBook.
The big question is what these should be? It would need to be very broad brush so it allows those who use face book legimately to be unhappered.