The EFF has done the heavy lifting so you don’t have to, that is sifting through the recently landed changes to Facebook’s privacy controls. They’ve lumped their findings into the good, the bad, and the ugly.
The net-net is that there is more cause for concern than for celebration. Data has been labeled as publicly available with no way for end users to control its disclosure. The implication was that this was always the case, it merely wasn’t advertised. That along with defaults that favor the data collection and advertising practices means this post is well worth a read along with a good chunk of time to tighten down your account settings.