Jazzop,

I think you're missing two operative points.

First, while the "FaceTwitSpace" movement was originally based more upon connecting virtually instead of in person, it is moving in the direction to include both. A year or more ago, most sharing was simply in the form of pictures, quick blurbs, etc. about what users are doing. Now, with geo-based data coming on board, it is possible to collaborate in person and/or provide something of value outside simple updates to what others are doing.

Second, and more notably, the privacy level is completely optional. As you are someone who is clearly weary of sharing your location, etc., you can simply avoid registering/using these services and have your concerns quelled. Or, if you are only moderately comfortable, you can set your preferences to allow sharing with people/features that you want. On the other hand, if you are like me and you both enjoy openly sharing information as well as see some benefits to doing so, you can customize your settings and memberships to suit your comfort level. I would love to have businesses send me targeted offers that provide lucrative opportunities within the parameters I set, and I also love the idea of having my friends contact me when they're nearby or have some comments related to my activities. Not everyone is like me - most people aren't nearly as open - but I like having the option. While Facebook and other networks presented situations in the earlier days whereby many users signed up and didn't realize how much was being shared (I consider this the fault of the user - not the service - for it's foolish to sign up for something you don't fully understand or aren't willing to risk not understanding), the privacy settings have been made much more clear and configurable now, for the most part.