I've heard this phrase here and there (saving face) and was wondering what it precisely meant. Alot of people should be able to answer this one, i'm sure.
'Face' in this situation means 'reputation' - ie the view of you that the public/friends etc have - and 'saving' it means protecting it. The phrase originated among the 19th century British community in China, where 'face' is vital to a person's self-esteem.
The noble ladies and gentlemen of the late 1700's wore much makeup to impress each other. Since they rarely bathed, the makeup would get thicker and thicker. If they sat too close to the heat of the fireplace, the makeup would start to melt. If that happened, a servant would move the screen in front of the fireplace to block the heat, so they wouldn't "lose face" or they would be "saving" their face.