I have started to create a series of mini-tutorials on managing your privacy settings in Facebook. The first two are available now:
One of the best ways to protect your identity information and intellectual property in Facebook is to take personal responsibility for managing your privacy settings. No matter how Facebook comes out ultimately in terms of stating formally its Terms of Service, if you lock your privacy settings properly there will be a strong presumption that your information will be shared and used by Facebook consistent with your wishes. Zuckerberg has said publically that: "In reality, we wouldn't share your information in a way you wouldn't want." The only mechanism to express what you want is to use Facebook's privacy settings.