The following link provides a great summary of the case against trying to ban Facebook (or any other tool that can be used to waste time at work)
interesting site (strong language) - http://flipchartfairytales.wordpress.com/2007/09/05/facebook-and-crap-managers/
For corporate L&D Professionals - maybe our take-away from this should be to reflect on how robust are the 'performance management' training and support tools provided to the workforce !