I've set up a couple pages now for marketing purposes, so I can probably help you out. You'll definitely want to use a fan page for this type of activity...it's discouraged/prohibited to use a regular account for this, and it makes privacy infinitely easier, since you can 'hide' behind the page as an administrator instead of trying to mix a private and public persona in a regular account.
I can set up a *page* for EAS, but a page is something different and apparently doesn't allow much customization and it is not possible to use any applications (such as auto-feeding it with my RSS feed, which would be indispensable and would be the only reason for me to care about Facebook at all).
Yes, applications do work - not all of the ones available for profiles are available for pages, however. To add an application, you can go to the application and just hit the "add to my Page" option. Among the most useful is "Static FBML". This allows you to create tabs on your fan profile that you can use pseudo-HTML on to create fairly rich content. Off the top of my head, check out http://www.facebook.com/Canucks
for some FBML examples (Canucks Gifts, Canucks Mobile, etc.).
Among the applications are RSS readers, although I couldn't find one I liked and stopped looking. That was some time ago though. I don't think your status updates can be automatically filled based on an RSS feed, but I believe you can set up your EAS twitter account to feed your page's status updates.
But the worst of all is that I can't tell what everyone can see of the information I post at Facebook. I can make certain things visible only for "Friends" but essentially I don't know which personal information is displayed for whom. I don't know where Facebook draws the line between the personal page and the "fan page" and how they are linked to each other.
Privacy is still somewhat of a mess. If you're looking to keep fairly private, the best bet is to go through the security settings and set everything to "just friends". You can block your profile from appearing from public searches and significantly strip down what is visible to someone you haven't friended.
The fan page and the personal page aren't linked together at all, as far as I'm aware. When you're viewing a page (generally or if you're a fan of it), you can't see who the administrators are. There's some info on this in the FB support docs.
And now the unbelievable thing: I am not even told the URLs of my pages!!!!!! No kidding. Because when I'm logged in I see the page the way only I myself am supposed to see it. When I'm logged out I can't find it any more. And I can't search for myself unless I'm logged in!
Yeah, this is really obnoxious. The only solution I know is inconvenient, but fast. Go to your page, logout, then hit the back button on your browser. You'll get a URL that's something like www.facebook.com/pages/City-Province/Name-of-Page/###########
that's publicly accessible. After you get 25 fans, you can get a unique URL for your page, ex. facebook.com/exastrisscientia