You can set a universal password for the device, not just for the Address Book, or certain contacts.
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You can create groups for your contacts, i.e. "public" and "private" and then assign one or the other to each of your contacts. Then in the Menu for Contacts, select Filter; you can select which groups you want to show and which you want hidden. You can create and assign the groups on the BB (via the New Group option in the Contacts menu) or in Outlook - I know that when I downloaded my Outlook contacts, it kept the groups I'd assigned to them in my Treo.