Certainly, there are photos and other online information that you probably don't want an employer to be considering when evaluating you for a job, promotion, or even "corporate restructuring" (AKA termination) (Anything with the iconic Red Solo(TM) cup, for example, even if it only has soda inside). There's also information that might be misinterpreted when read or seen from a corporate office, that you might want to consider. Still, our lives aren't only and all about work --- what are you giving up if you deactivate your account?
Online interactions provide places to develop and explore identities, gain social support, maintain social ties (professional and personal), and have fun. Deactivating an account--or even highly modifying what is posted and available-- can deny you access to these beneficial outcomes. Ironically, (as suggested in my recent dissertation research in 2010), not having any information online can be as problematic as having "red flags." Plus, there are often fragments, bread crumbs, and other information that doesn't truly get deleted.
I'm not arguing that we shouldn't consider the invisible audiences (see boyd, 2007) that might be viewing our musings, postings, and digital artifacts, just encouraging thoughtful consideration of what and how much we want to give up for a potential job. It might change at different points in life, it might not. But it is at least worth considering.
As another interesting point, some strategies people use to thwart these cybervetting behaviors involve using aliases, having multiple social network accounts, and generating enough alternate professional information that employers don't spend the time going past the first few pages of the Google search. Oh yes, and always using privacy settings even though we understand how fallible they are.
boyd, d. m. (2007). Why youth ❤ social network sites: The role of networked publics in teenage social life. In D. Buckingham (Ed.), Youth, identity, and digital media. The John D. and Catherine T. MacArthur Foundation Series on Digital Media and Learning (pp. 119-142). Cambridge, MA: Massachusetts Institute of Technology.