I haven't been giving much thought to the recent privacy/policy changes at Facebook, but did find this tool pretty interesting. ReclaimPrivacy.org has a tool that will scan your Facebook settings and let you know what the world can know about you, and how to tweak the settings if you find something you don't like. Here's what my initial scan revealed:
The only thing I found that I decided to change was that a couple of my photo albums which included pictures of my kids were available for anyone to view; I changed that to friends only. Neat tool though, you might want to check it out.