We at EFF are worried that today's changes will lead to Facebook users publishing to the world much more information about themselves than they ever intended.
It will be interesting to see if there is a mass revolt and people leave Facebook. Here's a social networking application that might be useful to those who want to end it all on Facebook. It's called Seppukoo a name that represents the samurai notion of a virtuous death. You know, fall on a sword.
Just type in a few final words to share with your Facebook friends and deactivate your Facebook profile. At that point, your friends can continue to write good things about you on a Seppukoo memorial page. Users gain cache on the site if they get their friends to follow their lead.
How do you feel about Facebook's new privacy settings?
Update: See Lucy Bernholz's piece "Facebook Launches A Foundation. Or Not" Backlash Philanthropy.