In 2006, we found Facebook to be a tremendously effective organizing tool for our GOTV efforts (mostly for Jim Esch (NE-02), who ran a volunteer-driven and youth-based outsider campaign). Facebook had an "Election Pulse" feature that allowed you to show your support for a candidate. Jim got about 70% of the Facebook vote. He lost the general election with 45% of the overall vote. I don't know how well those numbers line up (there was no exit polling on the race), but there was a tremendous amount of enthusiasm for the campaign among youth, and Facebook accurately reflected that.
I think Obama's support on Facebook is a good measure of how much support he enjoys among youth. One of the reasons I support him is that I believe he will energize my generation in a way that others cannot.