Definitely. At least the basics should be covered, and it should be presented in a positive light.
As a culture we bitch and moan so much about "babies having babies," then turn around and act all appalled when young people utilize a safe and healthy way to satisfy their urges. Some people prefer to talk with their kids about it personally and that's fine... but how many other households will vilify the act? It's the sad truth that parents don't always make good sex ed teachers, and for children with parents like that, an alternative should be available.
This thread made me realize that, back in my sex-ed classes (which ironically did not focus on abstinence-only), the clitoris didn't get a mention. You know, that magic little organ that the majority of women need to stimulate to have an orgasm? Some adult men and even adult women don't know about it. To me, that's downright appalling.