I've been on Facebook since 2008 and, yes, it is *very* frustrating that they keep changing their privacy settings behind my back and that some of my less-savvier friends (and their friends, it would seem) have their profile pages, photos, you-name-it, wide open to everybody. The thing is, though, that people really do rag on Facebook about its privacy *but*, in this modern era privacy is really a relative term at best: emails and texts can be forwarded to anybody (think Tiger Woods), my phone number can be reverse-searched and my info accessed with a fee and thanks to StreetView you can practically see in my front window! What I *wish* Facebook would do is *lead the way* with strong privacy settings that can be made more lax by users... vs the other way around. I also *wish* they would stop breaking things that work, like their private messaging and chat (that they recently quasi-merged which is just awkward).
What I *like* about Facebook is that I can actually *find* my friends and overseas relatives and chat or message them. I can choose the level of privacy on my info, create separate groups of people and what those groups can see or not see, and I can truly *network* as I choose to. I can easily remove posts and if I want to opt out of dumb features like "let my friends check me in", I can do that too.
I knew going in that I would be sharing info and that my photos could be "used" for any purpose at any time. Do I actually *expect* them to do anything with them? Um, not really. Maybe that one that my friend's friend posted of her friend on a toilet... far more interesting (and, again, as with anything in life, think before acting and only share what you are have become public--same as in email).