Please read this article, as well as the embedded links, in the current edition of Time Magazine for more information.
Another interesting aspect to virtual life: Colleges' admissions departments scrutinize Facebook pages. I'm guessing that colleges' admissions departments check out other social networks, too, including blogs and Twitter.
Yet another hassle in the virtual world: the hacking of accounts. Recently, one of my homeschool students had his Facebook account hacked. As a result, he was locked out of his own account and had to watch helplessly as inappropriate material was posted in his name on his friends' Facebook walls,
I've also known friends how had their email accounts hacked with the result that everyone in the hacked account's address book received waves and waves of spam, which appeared to come from a trusted friend.
Remember the warning from Hill Street Blues as you surf the web, an arena with diminishing privacy and diminishing security: