I have a love-hate relationship with FaceBook!

To answer your question: Until recently I had my 15yo DD on my friends list and she had me on hers. Then we asked her to deactivate her account because it was causing no end of problems. But yes she was able to see all my status and photos but i lead a pretty tame life i agree with rouge that my child's safety is more important than my own privacy too.

Just one thing to note though: it seems that once your child has set up a FB account then you can't really deactivate it It seems that our DD has managed to over ride the schools firewall against FB by using a proxy site and she has simply been able to reactivate it. I sometimes wish she had never opened up an account in the first place. FB was the scene for so much negative and secretive behaviours BUT it also allowed DH and i to gain some insight... double edged sword.

Delay until 13 and then make sure he has you as a full access 'friend'.... ETA: and try to make sure he doesn't amass 500 friends...