I'm a pretty "heavy" Facebook user at times, and I will be the first to admit that I generally don't click on ads unless they appeal to me. Thinking along the lines of my behavior on Facebook versus other sites, yes, I have clicked on ads. However, it is exactly those "non conventional" ads that I decided to click on.
The Facebook generation is a more technological savvy generation, without a doubt. Granted, the populations of Facebook and MySpace overlap, but I personally know people who prefer the former over the latter, and vice versa. I would say that Facebook is winning out among those tech savvy folks for the very reason that the site is ad-free.
What kinds of links did I click on? Discounted student trips, job opportunities ... these are the things that Facebook students primarily seek out.
One thing I'd also add is that students use Facebook also as a change in scenery. They don't want to see the ads that are all over the Internet on the other sites they find. Facebook is not your MySpace, and students go there for something different.
Advertising on Facebook is a challenge, but if you have a product that you know appeals to the college market (and yes, regardless of it being open to all, it's still primarily a social site for the younger demographic), then you will do better and people will click on these links