Keep your friends close, and your facebook friends closer.
I have a facebook account and have the privacy setting set pretty tight. Only friends can see my profile stuff. But if you add your boss to your friends list and they aren't really your best pal, you're just asking for trouble.
The only people on my facebook account are people I knew way back when. I will not let any new acquaintances/friends on my facebook account. I post a lot of politically oriented messages on various pages.