To Share or Not To Share?

Be careful what you share on Facebook.  It could come back to bite you! Facebook has become a primary means of sharing information.  Some would say there are people who share entirely too much which could ultimately, in some cases, cause them a great deal of grief.  For example, it's becoming practice for police to scan Facebook, looking for dumb criminals who boldly post their crimes (yes, it has happened), and employers use Facebook to screen applicants, or to check up on the habits of their employees.  Some people even share their page with their boss/supervisor, not even thinking of the potential consequences.  So, this leads me to the question, if you're on good terms with your boss/supervisor, is it ok to befriend them on Facebook? Would you?  Why, or why not?