Workplace Prof Blog has penned a nice article on what to avoid in your Facebook page if you are job-hunting.  He addresses the concerns of a young law student, but the advice applies to anyone who is or may soon be looking for a job.  

First, offers the Law Professor, do not post anything you would not care to see on page one of your hometown nespaper.  Second, decide if you want your FB page to be primarily social or professional. That decision will color everything you post. 

As the Prof notes, most people blend the social with the professional.  But, if it were me and I was a young college grad or professional school graduate, I would focus on the professional.  Is is really worth the professional risk to post some "iffy" pics?  See Workplace Prof Blog for more information.  As I have mentioned to some folks on my own FB page, Facebook is like a large cocktail party – you never know who may be listening, so be careful about what you say.