Fake Selves in Media Life

This weekend, The New York Times magazine offered its annual Year in Ideas issue. One particularly interesting idea is the notion of a counterfeit self.

In a paper (link to PDF) accepted for publication in the journal Psychological Science, Francesca Gino (University of North Carolina in Chapel Hill), Michael Norton (Harvard Business School), and Dan Ariely (Duke University) make the following key argument:
"Though people buy counterfeit products to signal positive traits, we show that wearing counterfeit products makes individuals feel less authentic and increases their likelihood of both behaving dishonestly and judging others as unethical."
I am wondering if it would be possible to extend this study to the realm of media life.

As numerous studies show, young people generaly know that their private presence in online social networks and on mobile phones is in fact a public one. In doing so, they more or less deliberately redact their personal representation. This can mean anything from choosing to upload (and tag) certain photos and not others; to exclude specific details and personal information (including but not limited to where you live, how old you are, updates on family matters), and so on.

In short, our avatars and profiles are not "untrue" versions of ourselves - but they are not versions of our true selves either. They are, in a real sense, fakes.

So... considering the premise of these business school researchers - as nicely described in the magazine:
"but no matter how convincing [...] you never, of course, fool yourself [which] might quietly take a psychological toll."
What is the psychological toll of continuously managing multiple versions of yourself, none of them exactly true (and none false either)? Knowing that your profile isn't exactly who you are? As Gino states in an interview with The Times:
"There are lots of situations [...] where we're not true to ourselves, and we might not realize there might be unintended consequences."