You might be aware the recommended practice is to create a webapp for to host MySites. There are two paths for to store and share Information..Public View and the Private View. The public page is to share information with other users, which could contain information such as personal and professional interests, shared links and documents, etc.
To know more about MySite, refer this article http://office.microsoft.com/en-us/sharepointserver/HA101087481033.aspx
Say you want to restrict the view of personal information on your My Site, all you have to do is to specify that only certain people can view some of the personal information that you provide on your My Site home page. If you want to display information with Custom properties, then you need to get these custom properties added to user profiles.
And these custom properties are applicable for all users who have MySite.
Probably, this is ideal for all organizations, but not for some. There could be scenarios where the information to be shared can be different between groups of users.
if you are planning to work on personalizing content and sites, you could start from here: http://technet.microsoft.com/en-us/library/cc262525(TechNet.10).aspx.
Back to our profiles, by using target audiences, you can display content such as list or library items and entire Web Parts to specific groups of people. Target Audiences is useful when you want to present information that is relevant only to a particular group of people.
So let's see how to take advantage of Target Audiences in our scenario.
The important criteria for us is to create multiple Shared Services Providers. This would be helpful for isolation of content for more than one class of users. Once we have created different SSPs for each set of users, we need to define User profiles and properties.
Clicking on the "User profiles and properties" link takes you where you can manage the settings. First you define for Profile and Import settings, and secondly you can configure the User profile properties. Once you have specified the property settings for each SSP, create "Trusted My Site host locations" and for the URL specify the Personal Site Services available for that SSP. Under "Target Audiences", specify only the users or the groups who will be redirected to this particular Personal Site Provider.
Here are the steps, for better understanding: