A dear friend of mine from Fnerd.com, Chuck, has recently been suckered into joining Facebook by his friends. Our reluctant hero has been blogging about pros and cons of Facebook to make himself feel better. Most recently he posted about privacy issues regarding Facebook.
If you are concerned about identity theft, do not want the world to know certain things, or simply cannot make heads or tails of what to allow or not, try reading suggestions from this article that Chuck has found. It also gives good reasons why you do not want to give out some information. If your kids are on Facebook, it is also worth a read.