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71 undergrads and 43 grads, one university, nothing normalized for anything except hours on facebook and self-reported GPA.
It's hard to even pull that much since it appears that this is only a poster presentation.
I'd love to see a real study of 1000's of students from colleges and universities around the world. Even better, to also consider tools other than Facebook, but I'd settle for just the one tool.
I don't doubt that there is some potential for the results to be accurate but there's way too little information and way too many variables that haven't been taken into consideration. And the story is being picked up by the wire services as "proof" that social tools are harmful.