The main thing to check on the privacy settings is that your details (photo e.t.c.) are not displayed to anyone which is not on your friends list .
The other important point is to set your profile to non searchable. This means you cant be found though a name search.
Facebook has proved many a time to be a useful surveillance tool.
No offence CM but i prefer to keep my private life and proffessional life as far apart as humanly possible, maybe ill add the odd person from here but only those i know and have worked with. Facebook and all those social networking sites are a persec/opsec nightmare.
Humble opinion only of course!!!
I find it quite amazing that in the year 2010 security professionals still don't have a clue about osint, opsec and persec and the fact that anyone can type your name on google and see pictures of you and your whole life and family.
I have visited the facebook group which has over 1000 members and exactly the same threads as here.
Facebook is full of viruses and hackers, as well as fake Id's and info gatherers.
I find it shocking that these so called professional cpo's openly show to thousands of people their private lives and interests.
I have seen so many pictures of guys holding their kid.
That is just plain stupid doing that.