The main thing with Facebook is I find giving up a certain amount of
anonymity is worth reconnecting with a bunch of people who I lost touch
with. I actually spend a fair amount of time on the site chatting with
old friends, etc.
If you don't put personal information on the grid, then you won't have
to worry. There's fields for phone numbers, web sites, email addresses,
etc. Don't fill them in and they can't be collected.
Just my $0.02. I can see and appreciate why people would be apprehensive
over social networking, which by it's nature requires a somewhat free
flow of personal information.