Well if you guys are damn addicted to Facebook, how many of your friends DO care about their profiles, name and last but not least, privacy settings?
Facebook Privacy becomes more flexible, yet less secured for newbies, or lightweight Facebooker.
Your Facebook Privacy Settings can be configured here, considered you are currently logged in! And I strongly recommend you create groups for your friends list, such as Family, Relatives, Schoolmates, Classmates, Gamers… all kind of stuff, make sure you categorize what you want them to see and what you don’t. Family and Relatives are the most troublesome, they can spam, or over-caring of what you do and did not only on Facebook, but your life as well.
Sure, the Default Posts and Wall must be set in Friends only, if you set to Everyone you will be jerked for sure.
The configurations are different for everybody and anybody, but make sure tweak it to make your online experience even more comfortable.