While I agree that such a data display would be a big problem, it's simply not true about Buzz.
The Data that was exposed was in effect, who your top 6 or so most emailed contacts are.
Only if you have the box which says it makes your following-list public to people following you checked and they set up their public profile. If it's not checked, then no, they can't see the data. Try checking someone you're following who has that box un-checked, and all you'll see is their public profile page and whether or not they're following you.
Again. It's opt-in, and only shows things which are public anyway. If you see a request to make things public, like Buzz offered from day 1, then for the love of God, READ what's being made public. Especially if you have sensitive data on the account, or use it professionally. It was idiotic of them to check the box by default, but individuals are still responsible for leaving it checked.
edit:
The original notification: http://img694.imageshack.us/i/buzzflaw.jpg/ Note that it says "people you follow, and people who follow you". Editing your profile via the edit link before approving allowed you to turn off the "people you follow" display, and now there's a checkbox right on that popup (which should've been there to begin with, but still).
edit2: bah, static link fail. Updated link. Original source: http://is.gd/8Fduj