The answer is 'no'.
I was speaking to a colleague last night who was having issues with one of his graduate students. The problem is that my colleague tries to be friends with his students. I think this is a recipe for disaster. It blurs the supervisor/student relationship and undermines authority.
When I was a student, I had an excellent working relationship with my PhD supervisors. This relationship has now grown into a friendship but I would never have expected them to be my friends while I was studying, nor would I have wanted them to be. What I needed were people that I could consider credible, who would critique my work and, when appropriate, kick me up the bum if I was being slack. It's a bit like parent/offspring relationships. Some parents want to be friends with their kids (instead of being parents). They're often the ones that end up on the Jerry Springer show.