I recently came across this website (Freedom From Facebook) and looked into its mission and organizers. I think it’s a worthy organization to pay attention to if you’re concerned at all about your data on the Internet. Don’t take your privacy for granted. It’s YOUR data Facebook is monetizing, and we need to be informed about what they’re harvesting, and how they’re using it. How else can we judge if the trade-off is worth it?
Also, you should go to this page on the website for a step-by-step guide for getting the maximum privacy from your Facebook use. You don’t have to give them everything!
By the way, the New York Times has been doing an admirable job of exposing the egregious misuse of power by Facebook.