In Feb 4 2009 the new TOS of the Facebook social network were released. Those who created accounts during and after that day have accepted those terms. Those who had accounts before the new terms took place, had their accounts to retroactively agree to them.
DO YOU KNOW THE TERMS YOU AGREED UPON?
Here is a very informative article that discusses the new TOS
Also,Here you can see criticism on Facebook, which i now a multi billion dollar corporation.
What can you do to protect your privacy:
a) Backup every single thing you uploaded, whether it's a picture, video, or text that may have any value. Facebook has the right to Sell it without asking your permission. If you have it backed up, you can at least stand a chance in court, if the worst happens.
b) Watch what you say, watch what you allow others to see. Your employer knows Facebook exists. They are very likely to Search for you and look for an excuse to not hire you, or lay you off.
c) Make your profile as Personal as possible to browsers and people you don't know or trust. A very nice guideline on how to do this, can be found Here: