You are Facebook's product
The privacy apocalypse is a serious problem that Facebook does not take seriously. That being said, the social networking giant is steadily, but very slowly, improving its stance and offering users a better and better solution.
Select users are fighting the company to improve faster and more dramatically, but most simply don't care about privacy; they just want to communicate with their friends. Don't expect Facebook to ever completely protect your privacy because the social networking giant is in the business of selling your data.
Remember that you are Facebook's product. Until Facebook gets a serious competitor, the social networking giant isn't going anywhere. It also won't be significantly changing its user agreement, which clearly states that it owns any IP you give it.
Price is eternal vigilance
Before big social web sites started selling user data to the highest bidder and privacy violations with apps (as with Path), it seemed fine to think that once you signed up for a website they owned your data and content as part of a contract for free use of the site.
It has become clear that "free" use of these sites has a very real cost to users who want privacy and control over their data -- and their personal information. And that this "free" use of user data is making these sites an unbelievable amount of money -- while users have nothing to show for the value of their data except for dozens of nameless social web business partners knowing details about their lives.
The price of sites like Facebook is eternal vigilance - at the very least. It isn't free. People just don't realize what they're paying for it -- yet.