It's been pointed out by a few other HNers, but this type of logic does a massive injustice and disservice to all the institution's undergraduate and graduate students, as well as its professors, who work hard to produce some of the highest-quality research in the world.
To say that this is a "Princeton study" is to present this as if it were endorsed or produced by the administration or some department or even a tenured professor. Instead, let's remind ourselves that this was a pre-peer reviewed paper posted on _arXiv_ by two PhD students (who have likely been at the university for a few years, tops). To paint this as the Princeton community getting together as a collective and putting forth their best attempt to "debunk" Facebook is just hilariously unfair.
Look, there's a thick anti-higher education slant on HN. People love referencing the higher education bubble and the 'demise' of the current university system or whatnot. But it'd be nice if we could keep things in perspective here and at least do better than the media, who can't wait to pounce on a Princeton vs. Facebook feud.