Can You Make Friends with Your Students?

After my post that confessed my wish to be able to go shopping with my therapist, my reader, Metapsychologist, made an analogy to student-faculty relationships wherein there are power imbalances. His point was that you can be "friendly" with your students but never friends. I want to mull this over more. My first take on this is that he is right, except when your students cease to be students and are now adults in the world. But, while they are students, I do think it is unwise for all parties involved to be friends with students. But, before I write a decisive post on this issue, I would love to hear from my readers on this. Whether you be a teacher or a student, should faculty befriend students? More importantly, share with us your reasoning for your answer.