I've decided to make a teacher facebook page for my students to add. I have also made two "fan pages", one for each of the classes I teach: AP Spanish Literature and Spanish 3. The goals here are many: students can ask questions of me and each other on the "wall", I'm able to post events (quizzes, tests, projects, etc), I can chat with students if they have questions, parents can add the pages so they always have an idea of what is going on in class, homework or otherwise, I can also post interesting links and video clips.
I've tried to make class blogs in the past, and they were incredibly hard to keep up with. Hopefully this will be a better match for both me and my students.