This blog has mentioned online reputation several times over the past few days.
A "how to" on managing your online reputation
Start-up to scrutinize online activity
In addition to the previous information, there are several companies / apps that can assist you in your online reputation management. Reppler monitors Facebook accounts for potentially damaging material. Google has just released the Me on the Web tool which makes it simpler to set up searches on your information. Buzz is yet another tool. SocioClean and Reputation.com are two other tools that track your online activity. Reppler, Google's Me on the Web, and Buzz are free tools, while SocioClean and Reputation.com are subscription services.
Should you use a reputation tool? That is completely up to you. You know your own activity best and whether you have questionable information on the web. In addition, you should also take the online habits of your friends into account. If you are associated with people who do not practice discretion in posting potentially damaging photos and the like, you might want to begin with the free tools to see what they retrieve on you.