I don't think people ever really expected FB to keep their information totally secure. I still remember the college days when I logged into school.facebook.com. The implicit understanding back then was that only your h.s. and college fwenz could see your shit, because the only way to get onto FB was to use your .edu email addy.

It was a Faustian bargain. In exchange for being able to see when your friends broke up, they could see your status as well. We were all hooked, because as it turns out, teenagers and college kiddies like to gossip about each other. FB made it progressively easier to stalk your friends, and each time people would complain (I think the news feed was Rubicon), but the more they put on, the more people would bite.

Fast forward to today, and now your mother, your boss, that goddamn cousin of yours, they can all see everything about you. Unless you use those privacy controls. This is a bit different from the carefree gossiping amongst kiddies thing. It just doesn't really feel like the old days anymore.