Click here for the article.
On this, Quit Facebook Day, I haven't quit Facebook since there are reasons to have a presence there. However, to protect my privacy, I've removed every shred of profile information, including using a fake birthday (was already doing that). Basically, i treat it like Twitter - I'll read stuff, I'll contribute not-too-personal stuff, you can figure out who I am by my associations, but I won't provide any specific personal information (it's enough that Google is trying to get all of that stuff :-/ ).
Another interesting article here (bit.ly link) or here (direct link to Washington Post).