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Raabend
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It`s difficuly to gauge which protocol to use.

For me, I would prefer someone contacted me via facebook. I usually do not reply to e-mails from people i do not know, this is to prevent being added to spam lists.
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rhyme
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Id go email... Just introduce yourself....

facebook is sorta stalker-esque.
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raabenb
Speaking with current students from the programs you are interested in always seems to be a main suggestion I get. The benefits from doing so are understandable. It can help you learn things about the program you might not learn from websites and such.

Here is my question for you: Is it OK to do this kind of networking through a social networking site like Facebook?

I noticed in the group for my top choice, one of the members is friends with one of my high school friends. This can be somewhat of an icebreaker and perhaps push him to give me the "real deal" as opposed to candy-coated answers. Then when it comes time to visit, I would actually know somebody there on a deeper level.....

Facebook contact? Yay or nay?

I think that contacting the friend of a friend through facebook would be ok, but I wouldn't go to the school's group page and start randomly contacting people.
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Best bet is to send queries to groups, and usually an individual will respond.

Alternatively, ask the school who are the ambassadors and you will usually get some contact details.
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isa
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I know I've always found it strange when prospective job applicants contact me through facebook...I like the idea of calling the school and asking for ambassadors - that's a great way to get specific contacts :)
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email people directly from school club pages. the officers put their emails there for a reason, for prospective students to contact them!

Otherwise, ask one of the B-school ambassadors at GMATClub, or ask a friend to refer you through facebook. Don't cold-email through facebook. Like someone said, it's "stalkeresque". :P