In May 2010, Facebook revamped its privacy settings to give its users more control over their information.
One of the major changes is that now you can choose a single setting for who you want to share all your information on Facebook with. Choices are "Friends," "Friends of Friends," or "Everyone." This will apply to all of your information with a single click, and will apply automatically to new features when/if they are introduced.
It is significantly easier, and requires fewer clicks, to change individual settings.
Facebook also has reduced the amount of information always visible. People will still your name, profile picture, gender, and networks - but that is all.