Essentially, Facebook *own* all the information you post on their website, forever. They can and do sell your information and photos to third party sites. It’s a huge risk for identity theft. I find it a huge potential risk for much nastier stuff as well.
Other companies and governments get access to your info – in fact, that’s how Facebook makes their money – by selling your information. The ads are just a bonus. I might be paranoid, but with good reason. The holocaust wasn’t all that long ago; imagine some whacko getting into power with access to all the information available about everyone on Facebook!
And do you really need Facebook? A couple of years ago, no one had it – we used email, photosharing sites, instant message systems, blogs… all those infrastructures are still in place.
Anyway, my good friend Strypes talks at length about it all, so if you’re interested, you can read his blog post HERE