Danah Boyd writes about two smart, young people who manage their Facebook presence smartly:

1. Super log off: One young person deactivates her Facebook account every time she logs off.
Deactivation does not delete your Facebook account. It simply means when you are logged off, no one can post messages on your wall or send you messages privately or browse your content. And when you are logged in again, you will have your old friend connections back again.

2. Whitewash/Whitewall everything: Don't let your status messages and comments hang around.
Another smart Facebook user deletes her status updates and comments on others' walls soon or after some time.

Her reason is simple: She wants to avoid the "Drama".