I have Apache running on a public-facing Debian server, and am a bit worried about the security of the installation. This is a machine that hosts several free-time hobby project
Chroot jails can be really insecure when you are running a complete sandbox environment. Attackers have complete access to kernel functionality and for example may mount drives to access the "host" system.
I would suggest that you use linux-vserver. You can see linux-vserver as an improved chroot jail with a complete debian installation inside. It is really fast since it is running within one single kernel, and all code is executed natively.
I personally use linux-vserver for seperation of all my services and there are only barely noticeable performance differences.
Have a look at the linux-vserver wiki for installation instructions.
regards, Dennis