'Take this lollipop' and realise what people can find out about you on Facebook

The words 'Facebook' and 'Privacy' cancel each other out, regardless of the myriad of Privacy controls the social network shows to you.

The fundamentals of the service are based around sharing information about you, and no string of content controlling options can stop that data getting out.  If anything, they're adding a glaze to this bleak reality by adding the Timeline functionality.