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It's already hooked America's youth, and now Facebook is set on winning the hearts of two potentially lucrative demographics: Adults and the rest of the world. First, the adults: Facebook this week took on LinkedIn and other popular networking sites for working professionals with a new set of privacy controls that will give users greater control over who can see their profiles. Now a member can restrict who gets to see that drunken St. Patrick's Day photo - an important tool for working-age adults worried about a boss catching wind of their extracurricular activities. LinkedIn

Online, what's personal is increasingly becoming what's professional, and vice versa. Locking down the bits streaming in from Facebook and other social networks may seem like a good idea at the time, but it's likely shutting down one of your employees' most powerful networking tools. We're in a knowledge economy, people. And people and relationships and who knows what and who knows whom are an integral element of the knowledge economy value chain. And you want to shut that down? Really? Seriously?