This does seem kind of troubling, but I'm not very worried since I only use Facebook to join Celebrity fan pages/groups, so I can access their pictures of the Wonder Girls, etc.
I agree Facebook is a loose bomb when it comes to privacy.
I heard some guy lost his job because he put something dumb like "Pretending to be sick to skip work" on his Facebook status, and his boss sent him a PM on FB and said something like "I caught you. You're fired"
Another lady lost her job because she was a High School teacher and someone found a picture of her holding a bottle a beer, and the school board fired her for inappropriate conduct online.