Can you enumerate on how the privacy settings are dwindling? Which ones? I feel like I've had greater control over my privacy with more recent changes to Facebook.
As an example, "Likes and Interests," "Education and Work," and parts of "Basic Information" used to be text in your profile with a search link. That search would only show people who had chosen (via privacy settings) to display the relevant part of their profile to you. They are now group-like "Connections" to community pages, whose membership is not secret.
The privacy options have gotten really complicated. Under the original iterations of the model, the user always knew what the deal was. Now, it is impossible to know what exactly what is exactly going on. The original submission exemplifies this.
I don't mean to sound critical. It's not easy to innovate while aso supporting the needs of 400m+ users.
Obviously. a team of smart people have put a lot of time and effort into this system, but it won't ever be perfect. Again, it's been an exciting area to watch evolve and I suspect this will continue to be the case for quite some time.