I have several issues with Facebook. Facebook is a member only website. It is not open. You can only participate if you sign up with your real name and profile. The times of the anonymous and open WWW are over. I am sorry, but I am not going to sign up with my name and feed the system with all my personal information, images (facial recognition included) and my whereabouts, political views ect. At best this will be harvested to pester me with commercials.
"Privacy" settings are great, they may work towards other users, but you have all that information on the company servers, ready to be harvested by the company and if you study user agreements you will see that you sign away pretty much most of your rights to the information.
Not to PARF this up, but you guys have noticed that Zuckerberg has ambitions towards the US presidency? Now THAT's something. Guy has 75% of the US population's personal data, their political views, estimate on income etc. etc. - That should really help optimize the campaign ...
G