Am I the only one that feels Facebook status updates should ONLY be things you'd willingly tell a crowd of 150 people that know you?
Facebook status updates should be things that you'd share with friends and family. One of the big problems in our society, that Facebook helps address, I believe, is social isolation stemming from urbanization and perhaps even industrialization.
The problem, I suspect, is that some folks may either not be aware of, or be too casual in their use of, the privacy control for each status update.
I have my connections divided up into a number of groups, and actually have my default privacy set to four or five of these groups. Only people in these groups will see the message, and generally, I click on the padlock and delete one or more of the groups each time, often just leaving the one group of people who should see that specific message. The reason why I do it this way is
a lot easier to have them all there by default and delete the ones that need not see the message, rather than to not have a default set of groups and then add the ones that should see the message. It is a matter of number of clicks, and more importantly a matter of the relative reliability/flakiness of the Facebook interface.
One warning, if you choose to use this approach: You should ensure that the default set of groups you set contains
all your connections. I have one group which is, essentially, "other". While you could just switch the privacy of a message to "All Friends" very easily, if you use the default set of groups approach for your status update privacy, then only people in at least one of those groups are allowed to post messages to you. (Of course, this tidbit might be useful in the other direction: If you have someone you want to remain a friend, but you want to prevent them from posting to your wall, this is the way to do it. This is different from blocking them from your wall. If you block them, your friends can still see what they posted to your wall, even if you don't. With the default set of groups approach, they get an error trying to post to your wall.)
If I wouldn't post it on a billboard, I don't post it.
Rather, if you wouldn't post it on a billboard, don't post it
to "Everyone". "Everyone" is just one of the options.
In a broader sense, and going back to what I was saying at the start of this reply, I find that people tend to share too little of their lives with friends as opposed to too much. It was different when we all forged friendships as children and then lived the rest of our lives within five miles of those childhood friends. That's not the way the world is anymore. Facebook is a great way of recapturing some of what we've lost to progress, i.e., what we've lost due to our ability to travel far and wide, and the tendency for us to live our lives much further from where we were born than hundreds of years ago, when many of our society memes were established.