In other words you do have the choice of making content available to friend, friends of friends and everyone.

What these changes mean for you

• You can now control who can see every post you share, from status updates to photo albums.
• Regional networks (like London or Australia) have been removed.
• A common set of information for all users is now publicly available.
• Facebook-enhanced applications and websites now have access to a limited set of information when you use and interact with them: your publicly available information and information you’ve made visible to Everyone.
• No changes whatsoever to ads on Facebook. We do not give—and have never given—anyone’s data or personally identifiable information to advertisers.

From your home page, you will be sent through a transition tool that will help you select your new privacy settings. Remember, you’ll always be able to change your privacy settings from the Privacy page.

So you can customize who sees which post. So take the time to customize your settings based on what you are comfortable with. As always do give Facebook your feedback so that they can improve on this.

Further details are provided in Facebook’s privacy guide.