As social media booms, concerns about privacy on social media are simmering. CNN features a video of Mashable CEO Pete Cashmore talking about both. Watch Cashmore discuss various trends in social media (including mobile use). He also predicts that privacy concerns may abate as people become more comfortable with sharing, and more tolerant of hard-to-remove Facebook embarrassments.
I also think we're going to become more tolerant as a society as we realize that it's really hard to take things off the web. So while you might have some embarrassing photos on Facebook, I think we'll reach a time when that won't necessarily stand in the way of you, for instance, becoming president.