Those of you who edited your privacy settings prior to December's change have nothing to worry about - that is, assuming you elected to keep your personalized settings when prompted by Facebook's "transition tool." The tool, a dialog box explaining the changes, appeared at the top of Facebook homepages this past month with its own selection of recommended settings. Unfortunately, most Facebook users likely opted for the recommended settings without really understanding what they were agreeing to. If you did so, you may now be surprised to find that you inadvertently gave Facebook the right to publicize your private information including status updates, photos, and shared links. Want to change things back?
via www.nytimes.com
The Times has a good summary of using Facebook's updated privacy settings.

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