I think that depends on what you're sharing -- and the way you share that information and who you share it with can make a huge difference, too. I really don't care if the entire world can find out on Facebook that I "Like" my local Ace Hardware store. Maybe I wouldn't stand in front of the store, offering testimonials to passersby, but about the only harm I can see coming from the world knowing that is from a family member that works at True Value or Hardware Hank. And, if that were the case, I would use some discretion before clicking the Like button. On the other hand, if I chose to reveal about myself or someone else, say, a "non-traditional gender preference", yeah, that could be life-altering. But the level of alteration wouldn't differ all that much whether I told someone on Facebook or whispered it to a friend I thought I could trust.
I'm not trying to defend Facebook unduly. In some thread elsewhere on this site, people are discussing "evil" companies; for me, Facebook's treatment of personal privacy makes it somewhat evil. But people can overshare in many different venues and with no technology other than a shared language, an educated tongue, and a willing ear. It is the information and what the recipient does with it that can be life-altering, not the vector.