What kind of relationship do you guys have with your students?
e.g. do you bebo/facebook together?
No, definitely not! I think you need to retain a certain professional detatchment from students, not quite like a doctor/patient perhaps but getting on that way. I've heard of driving instructors who regularly form romantic relationships with their pupils; I believe that there is no place for this in the flying environment (or probably in driving, either).
We invited student pilots to our Christmas bash and a few came along, but AKAIK it is all 'arm's length' stuff as regards getting matey with students. OK once they're qualified, I'd say.
TheOddOne