Yeah after a long buzz and fingers over Facebook privacy policies, Mark Zuckerberg finally announced privacy redesign and added new privacy settings so that you could control every shared thing on Facebook. Now you can control who could see each individual status update, photo album, video and everything else you share into the stream.
Mark Zuckerberg clearly states that:
Looking back, the first version of Facebook was very simple. There were almost no features. There were no status updates, photo albums or messages. There was no News Feed or Platform. The only people who could use it were college students in the United States.
The way the site worked was that everyone could see some basic information about you and the rest of your information was only visible to people in your networks and your friends by default.
For more info check out the new Facebook Privacy Page.