I think that you bring you bring up many valid points that I would say a majority of college students don't even think about when it comes to Facebook. I think that for girls especially, it needs to be analyzed better, when it comes to uploading pictures. I think a really good point that you brought up was the fact that people are blatantly posting photos of them drinking, while they are clearly underage. The fact that Facebook is holding all of these images is almost dangerous to college students futures, and Facebook owns whatever someone posts (something I also think young adults don't realize). This life that people are trying to portray are forever embedded in the history files of Facebook, no matter if you delete it or not.
I think it is also important to point out how users are choosing to only include their college life, minus family photo's. I can relate to the comment about parent's drinking with their kids, not that my parents do that, but I have most certainly seen that. It is also easy to untag one's self, but that doesn't mean the picture doesn't exist, making it almost nerve raking for some people to look through pictures of a party (if someone else is putting them up). I think its also interesting that people photograph events, but the before, during, and after pictures. Facebook has basically become a timeline of events (which is now its newest feature, the timeline).