"Facebook's new, simplified privacy settings give you more control over the information you share. We've recommended settings below, but you can choose to apply your old settings to any of the fields."
Control Your Experience
Here are the main points for the new privacy features:
- Helping You Choose Settings
- Simpler Settings
- Adding Control for Each Post
- And more...
Here's the Facebook blog post with more information:
» New Tools to Control Your Experience
Read their blog post to get the low-down on all the new changes. It seems like they've really put a lot of work into these new features, and more importantly — this time it seems like they've listened to their users.
A few screenshots of what you'll see
Update Privacy Settings Screen...