Figleaf has a good point:
...just as no one has ever lost an election for "daring" to go hatless in the 1950s, and just as no one has been denied a job for "daring" to wear a bikini in the 1960s, so I suspect that within 10 years no one's going to be called on the carpet for "daring" to post naked photos of themselves online.
In other words, once all those MySpace kids grow up and start running companies (some of them already do), they'll be no more shocked by potential employees' sordid online histories than they are by their own: not very much. The only trouble will come in the brief time when those kids are applying for jobs supervised by people who are young enough to Google them, but still old enough to be mortified by what they see.
Maybe that point is already past for most people around these parts. A good thing!