A very thought provoking discussion started on CIO.com:

How Do You Manage Your Social Networking Identity? | Advice and Opinion

They (CIO Mag) had an article on the topic, too:

Facebook Users get a Crash Course in Reputation Management

As more professionals sign up for Facebook, the site’s earliest users are finding they must reevaluate how they manage their profiles and the information posted to them, according to experts in online identity and reputation management.