This group is really important, Gia, and I'm glad you started it to keep us all talking about this subject.
I'm thinking of signing up my young sister, who I have charge over, for myChild from ReputationDefender (http://www.reputationdefender.com/mychild). It's a service that basically scours the internet for all the places our kids can be hiding out - profiles, etc. A way of keeping an eye out there.
She's incredibly attached to MySpace, and even though I have her on my friends list, I can't keep track of what she's doing. She sneaked out of the house at 2 am last summer to play strip games with boys at the park and was picked up by the police. At the time, she was 13, and I was furious. I found out she's been in a chatroom with these boys.