Well this is a must know for every Facebooker
Here are some Facebook Privacy Control Features that you must know.
Privacy Settings Page
If you go to Settings>Privacy Settings (Top Right), you’ll see a slightly more organised way of tweaking your privacy settings. From personal information to block list.
Under profile information for example, you can set who can views every info stated on your profile. You can even customise the list of "Trusted Friends" to allow viewing of sensitive information.
Prior to this, it’s rather difficult to control who can view your status updates. Now Facebook makes it easier to set your intended audience. Notice the small security lock icon beside the share button? If you lick on it, you can set who can view your status updates or even your wall postings.
For more info with a video guide on how to use the latest privacy controls, check out FB Blog here.
But ironically, Facebook founder Mark Zuckerberg, seemed to "dislike" this privacy updates! Haha. He practically gave access to more people viewing his profile and photos, including those with teddy bear! Hahaha Read more about His actions on here
For more on this update you can read here at the facebook blog :)
remember this is important in the future for some legal issues that will affect you.