An easier solution is to simply treat Facebook as 100% public. Don't post anything you don't want representing you. Then who cares if Facebook sells all of it's data to the highest bidder?
For me it's more about my online behavior than my data. I don't want YouTube to tell my Facebook friends what I've been watching. I don't want Amazon to advertise with my profile picture because I bought a book my girlfriend might be interested in. That's where this is going and why I canceled my account.
I haven't read the terms around the Instant Personalization, but it could be used to track users' behavioral data across sites. That's what I'm worried about, not the static contents of my profiel.
Just disabling third-party cookies would be enough for most things, and would break fewer sites. For an even more fine-grained approach, a lot of the AdBlock blocklists have webbug/tracking domains in addition to ad servers.
I feel like I JUST finished updating my privacy settings, only to have to do it again. I don't even use Facebook that much, and it's annoying to have to think about/waste time figuring out about my privacy settings when I don't really care to - especially now that these settings are encroaching on the rest of my Internet experience.
Getting rid of my Facebook account is feeling like the simpler solution, but I'm not even sure that solves the problem anymore.