I really don't understand the general animosity some people have toward Facebook. It is what you make of it. As cynthetiq points out, you can group people and set different privacy restrictions for each group, and you can give specific individuals certain privacy restrictions as well. As for what information is available, that depends entirely on what you put out there. That said, do I really care if someone finds out I ate at XOCO the other night and recommend it to others? No, no I don't.
LinkedIn, as much as I wish it were useful, sucks. In my perfect world, Facebook would be strictly social, and LinkedIn would be strictly business. The reality is, Facebook is mostly social and some business, while LinkedIn wishes it were business and is now trying to be more social to convince people to bother using it.
Facebook is just a new communications tool. You still choose who you communicate with. Don't like being inundated with Joe Schmo playing Farmville the whole time? Block Farmville updates from your newsfeed. Don't like seeing Jane Smith's constant updates? Block her, or tell the newsfeed to show you less of her. Worried about not getting a job because you're an atheist who eats babies? Don't fill out the religion part or post pictures of you eating babies - or at least restrict access to that information only to the groups of people you know are accepting of your baby-eating god-hating inclinations.
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Le temps détruit tout
"Musicians are the carriers and communicators of spirit in the most immediate sense." - Kurt Elling
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