Its not just about protecting you're ID... with just the required details, they can abuse them; Facebook are investing millions of dollars into a targetted advertising system, whereby companies will basically be able to buy any info they want about you, including you're email account and address, and then use it as they wish, unregulated.
I could buy you're details and target you with spam, and nobody would bat an eyelid.
There is also a lot of applications on there that are hiding backdoors etc, and people can infect you're system with allsorts of shite just by you visiting a page with a bad application.
The simple way to avoid it, is not to use Facebook; the company has absolutely no interest in looking after or protecting its users and their data, they are only interested in one thing, and that is justifying the ludacris $7billion pricetag they have put on the site; how the hell Facebook can be worth $7billion when MySpace, with 4x the amount of users, is only worth £300million, is beyond answer... this is why Facebook will do anything with you're data to make the company more profitable.
The simple way to avoid falling foul of Facebook is to not get an account. Full stop.