I've got the privacy thing down pretty good. I have a list that I call "Can't See Shit" and if I don't consider you close enough of a friend, I put you on that list. You can't see anything of mine, the only thing you can do is private message me. Back when I was coaching high school ice hockey, I put any of my kids that added me to Facebook in that list. I didn't want something I posted or whatever coming back that I wasn't fit to coach or some shit. However, I'm very careful about what I post. The only pics of me you'll find are vacation, some family, playing ice hockey, etc. And I surely don't get political nor bash my workplace.
I've blocked a few of my wife's family because what they post just annoys the shit out of me. Non stop kid updates or bitching about their lives.
Lastly, I too have no local family, so it's a great way for my family to see pics of my kids, etc.