Facebook's New Privacy Guide Explained
Now that Facebook has heard lots and lots and lots of feedback from users about their over-engineered security controls, they've gone and changed them. Hopefully for the better. The new, simpler controls are due out soon, so this article talks about what to expect and what you may consider changing when they do become available.
Edit: And if you still want to nuke your account and leave Facebook all together, here's a nice article about that too. :-) Fed up with Facebook? Delete your profile, and here's how