As a general rule, it's pretty safe to "do what everybody else is doing." If Facebook albums parents made for kids when they were little come back to haunt this coming generation as a group, the ills will be remedied either by making or using certain sorts of analysis illegal (the college application hypothetical) or society will adapt by adjusting perceptions of certain information (the prom date hypothetical).
It is illustrative to note how the national reaction to youth drug use in presidential candidates changed from Clinton ("I didn't inhale") to G.W.B. to Obama ("maybe a little blow"). Similar adaptation will happen when it comes to information on Facebook and the like.