Not necessarily. It'd be one thing if these "friends" were people the child might actually know in real life, and whom have a meaningful relationship to the parents.

The problem starts for me with the fact that most of the "friends" people have on sites like Facebook are not actual friends, but acquaintances they might not have seen or talked to again for years. Most of the my "friends" on Facebook have hundreds of "friends", sometimes thousands. For all intents and purposes, most of those people are strangers.