Highly recommend this excellent read from the Sunday NY Times Magazine:
The Web Means the End of Forgetting

One of my house-mates has resisted the lure of Facebook and has no desire to create a Facebook account for many of the issues discussed in the article.  He has a Linked-In account because it represents a single facet of his identity (his work self, experience and career aspirations) but feels no need to put his social self on the web.  Despite recent concerns of my own about Facebook's increasingly devious practices of changing privacy rights and selling personal info, I feel locked in.  Many of us feel that without Facebook we would be "missing out."

Did we miss out before the Facebook boon?  Is being more connected, constantly updated and sharing our daily lives making us more productive?  more social?  All great questions...  Regardless of your involvement in social networking, everyone ought to put some effort into protecting their digital self because the elephant in the Internet is always there.