A new (free) service has come out to help you reclaim your privacy on Facebook.  Since they keep changing their settings, and defaulting to the least secure settings on any new options, this is a very handy tool.  Just go to http://www.reclaimprivacy.org/ http://www.reclaimprivacy.org/ and follow the instructions.
Note, this is not a silver bullet that will solve all your privacy concerns, but it will help.  And when facebook has over 170 options to 80 settings regarding your personal data, anything that simplifies the process is a good thing.

Cool option! Worked great last night, unfortunately facebook did an update to the privacy settings this afternoon..the scanner is saying it will be posting a new version shortly to work with the new changes.