Social Networking Equals Loss of Privacy

So, I was reading US TODAY the other day and there was an article titled, "'Friends' no more?" It was an article about social networking. The heading read, "For some, social networking has become too much of a good thing." People are getting tired of social networking because they're losing any sense of privacy in their lives. Needless to say, "If there's a common theme to their exodus; it's the nagging sense that a time-sucking habit was taking the 'real' out of life." People are feeling harassed by friends and even strangers. Even celebreties are deleting their social networking accounts. Some of these networking accounts are Facebook and Myspace which let you connect to old friends, new friends, classmates, and all types of other people. Twitter is just a basic update your status 24/7. Yahoo and Google just allow you to surf the web and talk to people through an instant messanger.

So what do you all think about social networking? Do you think that it is a good thing or a bad thing? Some people are so into the social networking that they are giving their grade school kids a Facebook account. So their six year olds can connect with their friends. Seems a bit young to be giving your kids a Facebook account don't you think? Or is it too young in today's age?
All of the images I posted came from http://google.com/images