A step further, and this is where I think I am, is the "delete" option, where you, small 'd', "delete" Facebook, but your information is still there in case you want to come back. It's not accessible to your buddy Joe Blow, but it's there.
Finally, and I might be wrong here, but there is a big 'D' "Delete" option, where facebook deletes your info "permanently" or as "permanently" as they'd like you to believe.
I don't plan on going back to facebook soon, but I'm with you in worrying at times that a sensitive employer would look at a "deleted" or "Deleted" facebook and think "What is this guy trying to hide?"