The way I have my privacy settings set up, no one can search for me on Facebook. I do not come up in searches, period. If I want to add someone on Facebook, I must add them or give out my personalized URL. No one can see any information about me until I friend them. Even then, I have my friends sorted into different groups and limit my postings based on which ones I want to see which content.
I feel pretty safe uploading pictures. The only way someone else could get those pictures is if they access the account of one of my friends, or the cache of a friend who has viewed my Facebook (which requires a decent amount of computer knowledge).
You cannot "hack past" privacy settings. You could conceivably "hack" into someone's account (you just have to change the password); but there is no way of "hacking" in to view the page of someone you are not friends with. It's not that it hasn't happened yet - it's that it cannot be done. There is no way of doing that.
I don't post anything I find particularly damaging, but I don't have a problem of posting pictures of myself with alcohol (I'm of age) or in a bikini or whatever. I am a person and I have a life. It's whatever. I don't mind the internet knowing what I look like. I wear my face every day, it's not a secret.
Facebook does not release its content unless it is ordered to do so by a court. You can go online and view what materials Facebook will provide to a court when ordered to do so. (It's the same as your wall, pretty much; I think they also include whose pages you have visited.)
So yes, I feel pretty safe posting my pictures to Facebook. It's not like I'm uploading nudie pics, and if you have a decent knowledge of the privacy settings there is not much to worry about.