I recently edited my Facebook privacy settings, to make it so that only certain people could see the material associated with my Facebook page and profile. I did this because, there are ways for future employers to look at your Facebook page, and it is important when trying to obtain a job to remain professional, in all aspects of you life, but especially in what you post on the Internet for the world to see.
To make my profile more private, I went into my privacy settings located at the top left hand side of your home page. There is then a "manage privacy" option. I clicked on that, and began to edit my settings. First I adjusted it so that only my friends could view my profile, and anyone who searches me is only able to see my profile picture and friends. I then made a limited profile list, I added to that list anyone that I thought should receive only a censored version of my profile and information. I then created a "limited profile", in this profile, I only included my personal information, friends, and profile picture, all other information is withheld in this version of my Facebook profile. I then created another list, labeled "People Who Can't See Pics" this list excludes only pictures tagged of me, but lets the people I put on this list view all other aspects of my profile.
I am very happy that I created these new privacy settings, I feel much more at ease knowing not just anyone can have access to my information and profile.