Users of Facebook's "Timeline" are sometimes facing "cleasing their pasts" for reputational and employment reasons. USA Today has a story Nov. 3 by Michaelle Bond "Facebook Timeline faces a new privacy test" here.
Update: Nov. 9
ABC GMA is characterizing "Google+" as different in the ability to set up separate "circles of friends" to whom posts are specifically directed. But Facebook has been saying that it offers that, too. (It gets complicated with privacy settings, which I don't use myself, and with photo tagging, which I never do -- staying within the PG-13 range, too.) Again, the significance is changing the nature of online posting from "publication" to "online conversation" (maybe rumor mongering), which does have significance in the "conflict of interest" area.
Facebook is nearly a settlement with the FTC regarding supposed "deception" in the way it handles its privact settings, Wall Street Journal (subscription) story (Julia Angwin, Shaydni Raice, Spencer E. Ante) here.