At first glance, this looks bad: New Jersey Attorney General Anne Milgram has subpoenaed Facebook and asked that the social network identify registered sex offenders who have become members.  Depending on what happens, “bad” could become an understatement.

Facebook’s done pretty well for itself – strong growth, IPO- and acquisition-related options, and as much buzz as a company could wish for.  But a handful of sex offenders have been identified as members, and Facebook’s starting to have issues that are reminiscent of “that other” social networking site.