ReadWriteWeb captures the opt-in or else tactics. For what it's worth, I may go the empty profile route.
Facebook's big bet: The user will share all sorts of details because it's too much of a pain to opt out.
Reading through the EFF's timeline could---and probably should---spark some sort of backlash or at least awareness. But we're beaten down on privacy. Privacy barely exists. And people don't seem to mind. These people share everything. Privacy is the currency we use to get "free" stuff.
Also: Facebook's privacy changes: When will it go too far (and will you even notice)?
Will there be a tipping point? Who knows, but the EFF timeline makes it clear where Facebook is heading. Whether you play along in the long run remains to be seen.