Why not just manage a sanitized version of your Facebook account, without the drunken bash pics and Obama-as-witch-doctor posts? This will likely also spell the end for Facebook as a place of open and honest exposure to family and friends.
I do have a facebook page that I created when raiding in World of Warcraft, but it's squeaky clean. Not 1 thing that I'm not proud of so if someone wants to look....shrugs. I have seen facebook pages of people that I wouldn't hire however. See, you can do these things, facebook, twitter, etc if you live your life the right way. I'm not perfect by any means, but I would never post something that would bring me shame before the whole world.