I just removed almost anything of substance from my facebook profile. It seems that each change they make to their policies forces me to expose more and more. Eventually, I will probably just delete my profile completely.
It was not easy deleting all of this stuff. The interface basically prevents you from doing it unless you are very persistent. I clobbered all of my jobs, school info and interests. They force all of this stuff to be directly search-able.
Here is one of several good articles that PC world has on the topic:
How to Keep Your Privacy Safe(r) on Facebook - PCWorld