Absolutely people are being fired for social networking stuff. I recall one case where a teacher had smoked (legal) pot in a foreign country, the picture went up online (not on her Facebook, but a friend of hers), and she was fired for setting a bad example for her students.
We recommend to students that they not post anything online that will get them fired, but eventually there will have to be some legal protections simply because it's SO easy to snap a picture of someone and post it online. Coke employees shouldn't have to live their lives in fear of drinking a Pepsi because it could get on the internet.
