Facebook Privacy Settings

Saw a great post today on the new Facebook Privacy settings policy: Facebook privacy settings: What you need to know. It makes interesting reading (and watching as there is an embedded video).

Te blog's author, Graham Cluley, gives excellent advice on the settings you should use on facebook. In fact, he gives good general advice, for example, he admits to lying about his date of birth on facebook. This is a tactic I've adopted for some time on a variety of sites that insist I give them my date of birth. Often I can see that they need to know I am over a certain age but I don't see why most of them need to know my date of birth. Surely a check box to assert that I am the appropriate age (is it fourteen for facebook?) is effectively fulfilling the same function?

I was pleased to see that I had already set my privacy settings to the levels he suggested. Also, just to reassure myself, I had a look to see what I had filled in on my profile and again was pleased to see I had omitted most of the more sensitive information anyway. Having said that, I am aware that I have been using the Internet a long time and I am sure there is information out there that I have revealed in the past that I probably wouldn't reveal now.

For a slightly different take on the same issue, can I recommend The Joy of Tech.

Question
What do you think? Storm in a privacy teacup? Is it a case of, if you've done nothing wrong, you've got nothing to fear?