Facebook launched new Privacy tools and default settings recently, summarized by Facebook founder Mark Zuckerman here, and in two posts on the Facebook blog (here and here). There is also an official video tutorial.
One of the new features I like is the ability to customize who sees individual status updates, either by networks, friends lists, or by individual names. For those of us who sometimes want a bit more separation between work and personal, this could come in handy from time to time (e.g. Chris is “working from home this afternoon so she can watch an east coast basketball game with a 4pm (PST) start time”.)
There are some concerns with the new default/recommended privacy settings, which make your updates visible to Everyone, including search engines. Lots of folks have detailed their concerns with the new settings, along with recommendations for maintaining your privacy: