Facebook is finally catching up to some of their perpetual security concerns and is strengthening their privacy policy and therefor the settings as well. It took a while but as of this morning (when I noticed the change) privacy settings have been tightened a bit and are finally working as expected. It will take some time for majority of folks to review their current settings and tweak their profiles as desired, but this is definitely a step in the right direction.
Considering the size of their social network (350 million) and ever growing popularity worldwide it is important to seriously evaluate all aspects of security from profiles to servers, routers, including physical access at their company.
In today’s world you can never spend too much attention on security.