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Note: Since this article was published in April 2010, Facebook has simplified (to a certain extent) the Facebook Privacy Settings. However, this article has great info on the implications and potential impact of your Facebook Privacy Settings.
Facebook’s Social Web: How to Protect Your PrivacyBy JR Raphael, PCWorld Apr 22, 2010 5:13 PM Protecting your privacy on Facebook can feel like a full-time job. The social network has made a habit of tweaking its privacy policies with some regularity — and in many cases, it’s up to you to take proactive steps in order to keep your info out of the public eye.
via Pcworld